Are you bold enough to enter the world of decentralized finance? As crypto trends become more mainstream, keeping your money in a traditional bank is no longer necessary.
Decentralized finance companies have emerged in the market, and consumers are taking advantage. These companies allow you to earn interest on your money, use credit cards that provide you with crypto rewards, and take out loans against your crypto.
Fintech trends are shifting towards decentralized finance, and a couple of notable companies are offering incentives to join. In the article below, you’ll find a list of some of the best bank alternatives in the crypto space. Read on to find out which company is right for you.
BlockFi
BlockFi is a platform that provides users with a way to buy crypto, earn interest on crypto, and take open a line of credit using crypto as collateral.
The platform offers a high annual percentage yield (APY) to anyone who decides to store cryptocurrency in the BlockFi platform. It’s quickly becoming one of the most popular decentralized finance companies on the market.
You can earn 4.5% APY on Bitcoin, 5% APY on Ethereum, and 9.5% APY on stable coins like USDC. You can also apply for a credit card through BlockFi. The BlockFi credit card provides users with 1.5% back in crypto on every purchase.
BlockFi is also running a promotion that allows new credit card users to earn up to 3.5% back in crypto on every purchase for the first three months of usage.
Some BlockFi users can also take out personal loans using their crypto holdings as collateral. If you’re holding Bitcoin but don’t want to sell it, you can take out a loan with BlockFi to get cash.
Gemini
Gemini is similar to BlockFi, but the interest rates are different, and the credit card offers slightly different rewards. Gemini users can use dollars to buy cryptocurrencies through the Gemini trading platform.
Of course, there are other ways to acquire Bitcoin besides a trading platform. You can check out https://www.bytefederal.com/bitcoin-atm-near-me/ to find more ways to buy Bitcoin.
If you do choose to buy cryptocurrency on Gemini, you can put the crypto in a Gemini Earn account and receive APY every month from your holdings. Gemini offers 1.49% APY on Bitcoin, 1.76% APY on Ethereum, and 7.99% on USDC.
The Gemini credit card provides users with 3% back in crypto on all dining purchases, 2% back on groceries and 1% back on all other purchases. The Gemini credit card is not yet available to consumers, but you can visit their website to sign up to be notified when it becomes available.
Reviewing the Best Bank Alternatives in Decentralized Finance
Consumers have more options than ever before, and the best bank alternatives give consumers significant incentives to switch.
Suppose you’re not satisfied with your current bank. In that case, you may want to consider moving your money to a decentralized finance platform that offers high annual percentage yields and attractive credit card rewards. If you’re interested in learning more about crypto, stay tuned to all the articles going live on this website.
