Crypto saving apps are a godsend for consumers seeking a modest return on their investment. Or at least they were until a couple of platforms, BlockFi among them, ran into difficulties that impacted the entire industry’s reputation. As BlockFi irons out its financial difficulties, with an FTX takeover seeming the likeliest way forward, crypto holders have been compelled to seek out pastures new.
While former stalwarts have stuttered, on other platforms it’s business as usual: deposits and withdrawals are being honored and customers are still earning yield on their savings. Despite what the naysayers would have you believe, crypto is still thriving and demand for the sort of interest rates that banks can’t match remains high. The following three applications can be filed under Viable BlockFi Alternatives.
Cake delivers the best bits of decentralized finance within the familiar embrace of a user-friendly centralized platform. Who says you can’t have your cake and eat it? Like Nexo, Cake offers staking, lending, and borrowing and has paid out over $300M in rewards to date to its one million-odd customers.
Liquidity mining, i.e. providing token pairs for trading on decentralized exchanges, provides up to 44% APY through Cake, while staking for PoS chains offers up to 26%. It’s all done within the Cake app, which handles all the onchain stuff, leaving customers free to move their money around at the press of a button. The lending service, meanwhile, offers up to 6.5% per year. Expect to be hearing a lot more from Cake as it carves out a bigger slice of the crypto lending market.
Everyone in crypto knows Nexo, but not everyone has gotten round to using it yet. Since its inception in 2017, the platform has quietly made a name for itself as a refuge for hardcore hodlers, devout savers, and humble yield chasers. It doesn’t promise the sort of sky-high APYs that contributed to Celsius’ demise (which can only be a good thing). Rather, Nexo promises transparency and pledges to safeguard customer deposits come what may.
So far it’s kept its word, living up to its promise to be “the world’s leading and most trusted lending institution in the digital finance industry.” With $775M crypto insurance, courtesy of a custodial arrangement with BitGo, Nexo takes its fiduciary duties seriously. It also offers its customers up to 16% interest on their assets – without dallying with crypto-collateralized stablecoins. Yield is paid out on dozens of assets including BTC, AVAX, and USDT through Nexo’s lending and borrowing service.
Abra provides crypto financial services for consumers and institutions alike. Over 100 cryptos can be traded and there’s up to 10% APY to be earned on idle assets. The platform claims to have $1.5 billion AUM and more than two million wallets created. Customers can earn interest on digital assets such as Polkadot (DOT), Stellar (XLM), and Litecoin (LTC).
The Abra app, available on iOS and Google Play, is a doddle to use, with quick signup and verification enabling you to purchase your first cryptocurrency in minutes. For newcomers, an educational portal provides a background on all the major digital assets. It might not be as well known as the likes of Nexo, but Abra can still hold its own.