Hong Kong-based cryptocurrency platform Crypto.com announced on Thursday it has launched two new key products to its consumer finance product line, which are Crypto Credit and Crypto Earn.
Crypto.com reported that Crypto Earn gives users the freedom to grow their crypto assets and earn up to 8% p.a. interest. The platform stated:
“Through the Crypto.com App, users deposit their digital assets into Crypto Earn and start accruing interest on a daily basis using their preferred crypto, beginning with BTC, PAX, and TUSD. There are currently two fixed period options, a 1-month term and a 3-month term, while a flexible holding term will be available soon.”
Meanwhile, Crypto Credit gives users spending power by enabling them to instantly get a loan by depositing crypto (initially Bitcoin) as collateral. Crypto.com explained:
“Unlike traditional financial institutions, Crypto.com does not impose a fixed repayment schedule, monthly fees, late fees, or payment deadlines. Therefore, users can enjoy the flexibility to repay any amount, at any time, in the 12 months upon the start of their credit term.”
Kris Marszalek, Co-Founder and CEO of Crypto.com, also commented:
“Crypto Earn offers the most attractive interest rates in the market today. With the MCO Visa Card and Crypto Credit, we are uniquely positioned to do it while maintaining sustainable unit economics. MCO Visa Card, Crypto Earn, and Crypto Credit together form a powerful product suite that nobody else in the industry has today. We’ve never been more excited about the potential of our platform and look forward to continue scaling it globally later this year.”
Crypto.com went on to add that to be eligible, the Crypto.com Wallet & Card App approved users except for citizens and residents of Hong Kong SAR, Singapore, Switzerland, Malta, or the United States of America. Crypto.com will be extending the market coverage over time.