DeFi Users Can Now Earn Compound Interest on Crypto.com
Crypto.com has integrated Compound into its DeFi Wallet app. Branded as DeFi Earn, the feature will enable users to earn yield on nine different crypto tokens.
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Crypto.com has just announced the launch of DeFi Earn, a new feature included in its DeFi Wallet app.
Crypto.com Zeroes in on DeFi
The new feature allows users to capture yield across several decentralized finance projects. It is made possible by integrating the essential lending protocol Compound.
The move will give Crypto.com’s users easy access to nine DeFi tokens, including BAT, COMP, DAI, ETH, UNI, USDC, USDT, WBTC, and ZRX. The company has confirmed that more will be listed soon.
At current, the highest interest rate is 5.92% for USDT.
Users will be able to grow their holdings by earning interest in Compound, and tokens will automatically be added to the protocol paying out the highest yield at the time of deposit. Crypto.com will charge 0.5% on withdrawals as part of the service.
DeFi Earn is live now. The app can be downloaded here.
Disclosure: At the time of writing, the author of this feature owned BAT, ETH, and UNI, among a number of other cryptocurrencies. Crypto.com is a sponsor of Crypto Briefing.
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