Working with cryptocurrencies offers a wide range of income-generating opportunities. Major cryptocurrency exchanges and lending platforms have introduced cryptocurrency staking and lending methods to allow users to earn passive income with digital assets.
Among these platforms is CoinDepo, which was launched in 2021 and has support in more than 220 jurisdictions, tens of thousands of individual and institutional investors and several million dollars in crypto assets under management. CoinDepo focuses on financial products related to cryptoassets, offering staking products, cryptocurrency savings accounts with compound interest, and loans without an escrow account.
So, in this article, we will review how you could start making staking and lending of cryptocurrencies at CoinDepo.
How to do staking of cryptocurrencies at CoinDepo?
First of all, to start with the staking You will need to create an account and pass KYC verification if you want to remove deposit limits.
Once you have logged into your CoinDepo account, go to the “Earn” section. In this section you will find a list of cryptoassets and investment options available on the platform for this financial product. You can choose between major stablecoins like USDT, USDC, and DAI, or cryptocurrencies like bitcoin (BTC), Ether (ETH), Litecoin (LTC), BNB, XRP and others, as well as the native token COINDEPO.
Added to that list, you will see your balance and your accounts in the Earn section to stake cryptocurrencies.
In case you chose to do staking with USDT, you will need to select this stablecoin and the network (ERC-20 of Ethereum, TRC-20 of Tron or BEP-20 of BNB Chain) from which you would fund your account “Current compound interest account” or in English “Current Compound Interest Account”. To complete this step, do click on the “Deposit” icon.
Once the funds are deposited in your “Current Compound Interest Account”, you will now be doing staking with your holdings accessing an APR of 18% per year (the lowest rate of return for the staking of stablecoins). Also, in this account you will see the interest payments reflected daily.
However, from the “Current Compound Interest Account” you will be able to manage the different terms that exist in CoinDepo for the staking: weekly, monthly, quarterly, semi-annual and annual.
If you decide to opt for other periods offered by this platform, you can access them from the “Add new account” section (or in English “Add new account“), as shown in the following image.
CoinDepo provides a tool called “Transfer between Accounts” (or in English “Transfer Between Accounts“). through it you will be able to distribute your holdings of the same asset between the different accounts in the section Earn. This would be useful for you, for example, to create investment strategies in different terms and different APRs with the same asset.
Interest rates vary depending on the type of Compound Interest Account you choose, that is, the compounding period. They go from 12% to 18% APR + compound interest for bitcoins and other cryptocurrencies, and from 18% to 24% APR + compound interest for stablecoins.
It is also worth clarifying that the platform will pay you interest at the end of each selected compounding period and does not require a minimum deposit amount. The longer the compounding period you choose, the higher the interest rate will be.
Additionally, you can withdraw your funds and accrued interest from any of CoinDepo’s compound interest accounts at any time. However, If you make a partial or full withdrawal of funds before the interest payment date, you will not receive interest on the amount withdrawn corresponding to that capitalization period.
The step by step to access the Lending at CoinDepo
First of all, it is worth noting that this option is not yet available in the CoinDepo account, but According to the official website, this product will be launched soon.
Currently, CoinDepo allows you to fill out a form on the platform’s website, where you provide your personal information and the equivalent dollar amount that you would like to receive as a loan (which will be delivered to you in cryptocurrencies or stablecoins). Then, according to the exchange, they will contact you to continue the process.
Once you visit the home page of the website CoinDepoyou will find the next section in which you must do click in the green box “Borrow at CoinDepo” (or in English “Borrow with CoinDepo“), as shown in the following image. You must have your account created to request this product.
CoinDepo will then redirect you to a website page dedicated to this financial product. There, again, you must press the green box section “Start Borrowing” (or English, “Start Borrowing”).
The last step is to complete the form above. You can borrow cryptocurrencies or stablecoins from the equivalent of $100 to over $100,000.
A unique feature of lending on CoinDepo, unlike all the other cryptocurrency exchanges and platforms you should pay attention to, is that you don’t need to open one collateral account or guarantee account and freeze your crypto assets in it to obtain a loan. Instead, all your crypto assets deposited on the platform remain in compound interest accounts generating you interest income.
When granting a loan, CoinDepo evaluates other factors such as the value of your cryptocurrency portfolio on the platform, your credit history, and the number of COINDEPO tokens you own to determine your credit limit and the conditions of the loan.
In this way, CoinDepo is positioned as a platform that offers higher returns than its other exchanges and in a distinctive way. For example, through its “Transfer between accounts” tool, it allows you to stake the same cryptocurrency in different terms in a practical way. This will allow you to distribute your assets in several options and thus access appropriate risk management.
