Payments and investment firm Crypto.com announced on Thursday that it has launched two new features. Customers of the site can now use the company to take out loans or to deposit cryptocurrency into an account for a fixed term and receive interest on it.
The latter service, which the company is calling Crypto Earn, allows users to earn interest of up to eight percent per annum.
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Currently, the site only accepts deposits in bitcoin and two US dollar stable coins – Paxos Standard Token and Tether USD.
Users of the service must also deposit their cash for a fixed period of one month or three months. In a statement issued on Thursday, Crypto.com said that it would be launching flexible holding terms in the near future.
No credit check, no problem
The other new service, Crypto Credit, allows users to take out fiat currency loans by putting down bitcoin as collateral.
Loans must be paid back within one year, but, unlike most banks, there are no scheduled payments. Crypto.com also noted that it would not be charging monthly fees, late fees, or imposing any other payment deadlines.
No credit checks are imposed on users and funds can even be withdrawn to a Crypto.com-issued Visa card and spent wherever a user wants.
“Crypto Earn offers the most attractive interest rates in the market today,” said Kris Marszalek, Crypto.com’s co-founder and chief executive officer. “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.”