7 best alternatives to Celsius Network

Celsius Network remains in murky waters following massive contagion across the crypto industry. To say the least, BlockFi, Voyager Digital, and Coinbase-backed Vauld have all been alternatives. But the last few weeks have shown that they are in the deep end when it comes to crypto companies with massive counterparty exposure.

Alternatives you can check out include:

Cake DeFi

Cake DeFi offers several products, including lending, staking, liquidity mining and borrowing. The platform has earned its spot as a top DeFi player, with an easy to use interface, fiat on-ramps and competitive rates on BTC lending.

But more importantly, Cake DeFi operates on the key principles of security, accountability and transparency. The platform stores user deposits in separate wallets and offline, with the segregation helping to ensure funds are not mixed or lend out. It’s what has many competitors expsed to massive contagion.

Nexo

Nexo is a London-based crypto lender that offers daily interest on Bitcoin, Ethereum and other crypto assets, including stablecoins. The firm has been at the forefront of espousing customer protection and transparency in crypto business operations.

The platform supports fee-free deposits and withdrawals for fiat currencies. As crypto firms face major turmoil, Nexo users have continued to access services and withdraw funds.  The company is set to acquire 100% of Vauld and has looked to have a lender of last resort in the space through consolidation, with Citigroup bank its financial advisor.  

Crypto.com

Crypto.com is another alternative to Celsius in the market. Lending is one of the products the platform offers, with others including crypto trading, spend, and staking. The lending product also offers competitive rates – their APY is one of the best in the market. The company also holds all collateral deposits in separate wallets, which means they are not lent out as has happened with Celsius and other providers.

Gemini Earn

The Gemini exchange provides for an Earn product that offers interest on their crypto deposits. The company’s Earn feature has attracted more users for its high APY.

Hodlnaut

Hodlnaut is a crypto-focussed lending platform where investors earn from deposits, which like other top providers, lends institutions. With Hodlnaut you can earn interest on your deposited Bitcoin, Ethereum, stablecoins DAI, USDT and USDC.

Kava 

Kava is a decentralized lending platform, with crypto loans and interest on user assets, including Bitcoin, BNB and stablecoins. Users can deposit their coins as collateral and get loans in the Kava stablecoin USDX for use within the Kava and broader DeFi ecosystems.

Abra

Abra offers a one stop shop for cryptocurrency buying and selling, with support for over 30 cryptocurrencies and over 50 fiat currencies. Other than buying and selling, users can earn interest on their crypto assets and deposit collateral for loans. The parent company is based in the US and was founded in 2014.

Conclusion

The market is rife with fear and uncertainty right now, but that does not mean there are no alternatives to the above lenders. Below are some of the companies users can look to, but as always, users need to remember it is about DYOR. That’s the only way to make a more informed decision.  

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