Home Cryptocurrency Best Place To Stake Cronos CRO In 2022

Best Place To Stake Cronos CRO In 2022

by edward

The idea of staking involves committing your coins or crypto assets to support a blockchain network as a way of earning passive income. Cronos, a decentralized, open-source blockchain was developed by Crypto.com, a trading and financial services company in 2016.

CRO owners can stake their coins and act as validators for the network. While staking, you will earn fees for processing the transactions on the network. Cronos’ blockchain is Ethereum-compatible and utilizes a proof-of-authority (PoA) consensus mechanism.

Acting as an instrument for Crypto.com’s vision of increasing cryptocurrency adoption on a global scale, CRO has garnered interest from investors worldwide due to its numerous use cases. This article highlights the best places to stake Cronos and the benefits of doing so.


Benefits of Staking Cronos Coin

Staking crypto coins with long-term potential comes with many rewards and Cronos is not any different. You can enjoy the following benefits of staking CRO on apps and exchanges:

  • Getting premium Visa cards (If applicable): Some places like Crypto.com offer premium Visa cards as part of the bells and whistles that come with using the platform. So, if getting a fancy metal card tickles your fancy, good for you.
  • Purchase rebates: When trading fees are paid with CRO, you may get rebates for subscriptions such as Spotify, Netflix, and Amazon Prime.
  • Extra cashbacks/ Pay rewards: A great way to earn yourself a couple of bucks would be to pay for your airtime, gift cards, and other stuff using CRO. You could even send some CRO to a friend if you want to get into their good books.
  • Better APR (Up to 10% paid daily)
  • Referral program bonuses (depending on the platform): Decent reward for those who spread the good word.

Remember that CRO stake rewards comes in different tiers and packages, so your reward would be based on the program you choose.


5 Best Exchanges to Stake CRO

1. BlockFi


BlockFi was founded in 2017. The all-in-one crypto exchange and wallet and remains one of the few based in the United States. It is fully regulated by the New York State Department of Financial Services, under its custodian Gemini. Although it focuses on crypto-backed loans, users also enjoy tier-based staking of assets. You can get started on BlockFi here.

Pros

  • Responsive customer support including phone support
  • Reputable backers
  • Compound & In-Kind Interest
  • No native platform tokens required
  • Convenient deposit by ACH option
  • No Minimum Balance Required

Cons

  • Free withdrawals are limited
  • Supported a limited number of coins
  • Volatile APY and loan rates
  • Withdrawals take one business day to process


2. Crypto.com


Since being launched in 2016, Crypto.com has become one of the biggest players in the cryptocurrency world with millions of clients in its records. The Hong-Kong based exchange has a Visa Debit Card that allows you to spend your crypto on common items while earning cashbacks on purchases. Digital asset loans, NFT markets, and low-cost exchange services are some of the biggest services on Crypto.com. However, its staking services via the Crypto Earn Facility is almost unbeatable.

Crypto.com offers up to 6.5% APY on Bitcoin and Ethereum, while it offers up to 14% on stable coins. You also earn higher APYs by holding more CROs and it remains the most popular way of staking its native Cronos tokens. You can get started on Crypto.com here.

Pros

  • Fantastic app with 24/7 support including live chat
  • Lockup not required
  • Supports over 250 cryptocurrencies
  • Decent security protocols
  • $25 CRO signup bonus with code
  • In-Kind Interest
  • Supports a wide range of coins
  • Interest paid weekly

Cons

  • History of cyber attack
  • Withdrawal Fees
  • Must Lockup and stake CRO for at least three months) and/or Stake CRO for Best Rates
  • A minimum deposit is required to earn Interest


3. Nexo


Nexo is a leading financial services provider for digital assets and currencies. Since being founded in 2018, the centralized finance (CeFi) platform has grown to support over four million daily users worldwide.

The Switzerland-based exchange service supports over 300 pairs of assets. Users can also earn interests on borrowing assets, crypto credit cards, as well as staking. Interest rates on staking vary based on the loyalty tier, which could be Base, Silver, Gold, or Platinum. Tiers are based on the number of Nexo tokens in your portfolio. The higher the tier, the higher the number of free crypto withdrawals. You can get started on Nexo here.

Pros

  • High APY up to 16% on digital assets
  • Massive user community of over 300,000 members
  • Strong security with advanced features
  • Over $775 million in insurance
  • Excellent mobile app available
  • User-friendly platform
  • Supports 30+ coins and tokens
  • FREE $25 BTC signup bonus

Cons

  • Lacks live chat support
  • Strict verification protocol before using any service
  • Growing regulatory needs
  • Fewer educational resources than competitors


4. Binance US


Binance US is the sister platform of the world’s largest cryptocurrency exchange. The parent company was founded in 2017 but faced intense scrutiny from the United States SEC and stopped operating in the US in 2019. Shortly after, Binance.US emerged and has already become one of the best platforms when it comes to staking.

Users can enjoy low fees and earn between 6.4% and 18% APY on the native token BNB, AUDIO, AVAX, SOL, ATOM, LPT, and GRT. Although Binance.US does not currently support CRO for staking like the parent company, users can expect more options in the nearest future. You can get started on Binance US here.

Pros

  • Low fees
  • Strong security
  • Speedy transactions
  • Large staking pool
  • Low risk of forking
  • Tax statement portal
  • User friendly platform

Cons

  • Offers fewer products and services than competitors such as Crypto.com
  • History of regulatory problems
  • Limited number of supported cryptocurrencies for staking
  • Limited customer service


5. Celsius


Celsius is a centralized wallet and a peer-to-peer lending network. Daniel Mashinsky and Daniel Leon founded the UK-based network in 2017. Like many other financial services platforms, Celsius’ goal is to become the bank for 99% people. A year after being founded, the Celsius native cryptocurrency, CEL was launched.

By 2020, the company had experienced remarkable growth and reached over a billion-dollar share of cryptocurrency deposits. Currently, Celsius has about 1.7 million registered users and about 300,000 active users with more than $100 in their account balances. The network has over $6 billion in assets. Celsius makes use of BitGo’s multi-signature wallets but has hinted at private insurance for securing user funds. You can get started on Celsius here.

Pros

  • Weekly payouts unlike BlockFi’s monthly payouts
  • Unlimited free crypto withdrawals (unlike BlockFi that allows only one free withdrawal monthly)
  • No minimum balance is required
  • High interest rates
  • Has not had any security breach since being founded
  • Compound and In-Kind Interests

Cons

  • Mobile-only unlike BlockFi, which also has web app
  • Users must earn and hold CEL to get higher rates and this is unavailable to US users
  • Weekly adjusted rates might be a problem for some users


Added Benefits to Staking Crypto

If staking is a part of your crypto investment goals, it is important to understand the entire scope of benefits. Added benefits to staking your crypto include:

  • Interests: Your idle investment can give you big gains especially when the digital asset increases in value.
  • Compound Interest Strategy: Although staking platforms distribute interests on weekly and monthly bases, you can reinvest your tokens, compound interests, and increase your overall holdings for exponential gains.
  • Hedging: Crypto remains volatile and there is always the risk of price falls. However, with staking you can hedge against falling prices because you get to earn rewards regardless of the asset’s performance.
  • Doubling up as a storage platform: The best places to stake Cronos like the ones we have discussed are authorized and regulated by renowned financial institutions. Thus, your funds are at less risk compared to being left on other exchanges.

BlockFi Up To $250 Free


Final Thoughts

As the cryptocurrency industry continues to mature, staking platforms continue to evolve to provide the best possible conditions of under which users can earn passive income from staking. When choosing an exchange to stake your CRO, it is important to consider long-term returns. How long are you willing to lock leave your assets locked up? What interest rates appeal to you?

Crypto.com stands out for its high interest rates. BlockFi offers the most flexibility with zero lockup options and is also one of the best for your stable coins. Celsius keeps your CRO funds accessible with a zero-fee experience and offers up to 8.5% APY on BTC holdings. NEXO has strong community support and equally high APY rates. Binance.US offers low fees.

Remember that many of these exchanges offer higher rates when you also hold their own native token. If you are new to staking and you want to start earning rewards right away, you can choose any of these exchanges based on the lock up terms, yields on offer, and other metrics that appeal to you.


 

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