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Does Your Crypto Grow In A Wallet?

Since its inception back in the 2010s, cryptocurrencies have steadily grown from a niche asset into a highly sought-after investment.

Cryptos are highly volatile because of their decentralized and unregulated nature. This is a double-edged sword that allows investors to enjoy immense returns at the expense of nearly unthinkable levels of risk.

Unlike securities, there are no restrictions as to how cryptos are traded, something which has exposed numerous vulnerabilities. These include the risk of market manipulation, scams, and other unsavory activity, which is why any crypto user should seek the most secure crypto wallet available in the market.

For example, in 2021, crypto prices see-sawed as a result of social media posts uploaded by eccentric billionaire Elon Musk. Initially, Musk mentioned how his company Tesla would begin accepting crypto payments which saw prices soar spectacularly.

He then u-turned and mentioned how cryptocurrencies were unsustainable. This led to a mass exodus of investors and huge selloffs which resulted in a massive price crash. Many complained that Musk’s behavior was similar to market manipulation. But given the unregulated nature of the crypto market, this is to be expected.

So, given how unstable the crypto market is, can you actually sustainably invest in cryptocurrencies?

The answer is a definite yes.

Crypto Wallets That Support Staking

1. Binance

Cryptos Supported: BNB, DOT, SOL, MATIC, and more than 110+ types of coins

Type of Staking: Flexible, Locked, DeFi

Binance’s staking program known as Binance Earn. It supports more than 100+ different types of coins. These include the company’s in-house token Binance Coin (BNB) and mainstream coins like Solanum (SOL) and Shiba (SHIB).

While it doesn’t offer higher staking rewards for native coins, Binance makes up for it with the various types of staking offered. This gives you the freedom to stake your coins according to your liquidity needs. Users can lock their coins in for a maximum of 90 days.

As an added plus, the platform charges zero fees which is always nice. But if you’re within the United States, you may lack access to some options. But do keep in mind that Binance has regulatory issues in countries like the United States and China.

2. Coinbase

Cryptos Supported: ETH2, XTZ, ATOM, and 3 other coins

Type of Staking: DeFi

Coinbase is a great platform for users looking to get started in the crypto space. It features a well-designed user interface which is easily navigable. Tokens supported by Coinbase are Ethereum 2.0, Tezos, and Cosmos to name a few.

While it doesn’t exactly have an exhaustive list of currencies, the platform’s support for Ethereum 2.0 makes it worthwhile. And because its regulated by the FCA and FinCEN, you don’t really have to worry about much.

3. Crypto.com

Cryptos Supported: BTC, ETH, and 40+ different coins

Type of Staking: Flexible & Locked

Crypto.com is another reputable name in the digital asset space. The Singapore-based crypto platform lets you stake a wide variety of crypto tokens including Bitcoin (BTC) and Ethereum (ETH) to name a view.

Staking fees are 2.99% and you can lock in your tokens or be flexible with them. If security is an issue for you, then you’ll be pleased to know that deposits are guaranteed by the company’s in-house insurance fund.

4. ZenGo

Cryptos Supported: XTZ, ETH, BTC, and 70+ different types

Type of Staking: Flexible, Locked, DeFi

With ZenGo, you can stake mainstream coins such as Ethereum (ETH) and Bitcoin (BTC) along with stablecoins if you’re feeling risk averse. Unlike other wallet apps, ZenGo uses biometric authentication to protect access to your cryptos, making it nearly impossible for hackers to steal your currencies.

What’s more exciting is the fact that ZenGo charges zero staking fees and supports a wide variety of staking methods.

To sum up, while crypto doesn’t exactly grow in your wallet, you can choose to stake it to earn rewards. Think of it as a high-yield savings account that pays you interest.

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