Santander’s Coinbase Block Are Fake As Reps Respond

Santander’s Coinbase Block Are Fake As Reps Respond


Stirring the pot

Following a Reddit thread, a supposed Santander staff told the poster that they were no longer dealing with Coinbase in the United Kingdom. It didn’t take long for the Spanish bank to deny this rumour though. On the Bitcoin subreddit, the poster u/iCheat69 claimed that they had been talking to a rep from Santander who said that would no longer be allowing customers to deposit money into the US exchange. 

The post started off saying:

“Just got off the phone with a Santander rep in the U.K. who informed me they will no longer be allowing their customers to deposit money to Coinbase.”

The user went on to explain that the information they were relating had come from the firm’s complaints department and that they had been told: "I should move to an alternative bank if I wish to make the payment."  The reason for this was supposedly because “of an increase in fraud related to Coinbase."  The thread now has a lot of comments on it from different users questioning the nature of the post. Some Redditors were venting steam over banks perceived attitude to bitcoin and crypto in general. But the whole idea of this Reddit post was rapidly denied by other representatives of the Spanish bank. The Block was able to get in touch with these representatives but when asked about clarification of its policy on Coinbase, they were told it

‘wasn’t the case’.

"We do not block payments to legitimate companies… in certain circumstances we will refer payments for additional security checks, where we believe there may be a higher risk of fraud."

Coinbase has had an interesting week, that’s for sure. Earlier this week, the US firm had a spat with Barclays leading it to lose its account with the Banking giant. As reported by CryptoDaily earlier this week, Barclays took a step back from the much-touted relationship in a bid to reduce its exposure to risk, forcing the San Francisco based-exchange to pair up with the UK ClearBank.

Article Produced By
Adrian Barkley

Adrian has been leading teams in the finance sector for over a decade. He is highly experienced, and is responsible for ensuring that the latest news is delivered to you as it is breaking. He has a keen interest in virtual currencies, and has even made investments himself, so is incredibly passionate when it comes to writing about this topic.

Chris Corey

Blockchain-Based Solutions Could Revolutionise Remittances

Blockchain-Based Solutions Could Revolutionise Remittances


According to a recently published report, by BlockData,

blockchain-based money transfers are more than 380 times quicker and almost 130 times more cost effective than those of financial systems. When you take a look at the Ripple transaction speed and fees, these statistics are even more impressive. The report shows us that blockchain based solutions are great for remittance payments. Through a sample of sum 1,800 remittance payments, BlockData found that Ripple, BitShares, and Stellar could turn the industry in another direction. 

The reports show that while legacy systems take anywhere between two and five days to settle transactions and charge fees that could grow to nearly $10, blockchain-based solutions are able to process these same transactions in as little as two seconds, for less than $0.01 as is Ripple’s case. Furthermore, Ripple’s technology is able to settle transactions in around four seconds, while the remittance giant Western Union needs three to five days to do so. So if we put this into perspective, Ripple could settle around 100,000 transactions in the time Western Union settles one. The reports goes on to add that it found the number of remittance firm’s using blockchain technology has been slowly growing over the last ten years. They go onto add that most of these don’t use their own blockchain or blockchain-based token, but rely on solutions provided by existing blockchain

such as Ripple.

“Our results show that about two-thirds of these startups utilize blockchain technology without their own token. Most of these companies are building on existing blockchain infrastructure like RippleNet or Stellar”

The research also found that traditional remittance firms like MoneyGram and Western Union have been experimenting with Ripple’s proprietary service, xCurrent to settle cross-border payments using blockchain technology. Santander has recently confirmed that it's doing the same thing through

its One Pay FX app.

CryptoGlobe has reported, “Ripple may be facing competition in the future, however, as some have claimed Facebook’s upcoming cryptocurrency could be used for remittance payments as well. The difference made by blockchain-based solutions is, nevertheless, astounding.”

Article Produced By
Robert Johnson

Robert is a keen investor with a particular interest in cryptocurrencies. He has been involved in the industry for many years, and because of this, has gathered a lot of knowledge surrounding this area. He studied English at university level and has a passion for writing. He loves being able to combine his two mains interests on a daily basis.

Chris Corey

Coinbase CEO: Seeing 200400M a Week in New Crypto Deposits’ From Institutions

Coinbase CEO: ‘Seeing $200–400M a Week in New Crypto Deposits’ From Institutions

Brian Armstrong, the Co-Founder and CEO of Coinbase,

says that although it was not clear a year ago whether we would ever see institutional adoption of crypto, the answer is clear now.Whether institutions were going to adopt crypto or not was an open question about 12 months ago. I think it's safe to say we now know the answer. We're seeing $200-400M a week in new crypto deposits come in from institutional customers.The Coinbase CEO's comment about institutional adoption came just an hour after Coinbase Custody announced that it has completed its purchase of the institutional custody business of Xapo, thereby "becoming the world’s largest crypto custodian." 
Coinbase's blog post says that since Coinbase Custody was launched in 2018, it has managed to grow to "over $7 billion in Assets Under Custody (AUC) stored on behalf of more than 120 clients in 14 different countries, making it the largest, most globally recognized and most trusted institutional custodian in the world." According to a report in Fortune, Coinbase paid $55 million for Xapo's institutional business, and that Xapo will "hold onto its exchange business, which lets ordinary consumers buy and sell Bitcoin." 

Xapo founder and CEO, Wences Casares, told Fortune:

It’s hard to do a consumer business well at the same time as an institutional business. Earlier this year, we looked for a home for it.

Xapo's blog post about the sale of its instititional custody business further explains how Xapo arrived at this difficult decision:

Today, we don’t charge our clients anything to hold their coins in custody and service them. It is getting expensive to support this business, especially the insurance and minimum capital requirement. However, without providing additional features and service, we felt it wouldn’t be fair to start charging our clients a fee.

It also explains why this business was sold to Coinbase Custody:

We believe that in choosing Coinbase, the Institutional Custody Business is going to a company that can provide great insurance, borrowing and investment alternatives that we are not offering. Coinbase has top notch security and they are fully insured. They are a qualified custodian and a NY Limited Purpose Trust Company. They are a fiduciary under NY Banking Law and all assets are held in trust for the benefit of their clients. Additionally, they have a pipeline to offer wide financial services for large holders.

Casares says although Xapo had higher bids from other companies, the other bidders "lacked the security or regulatory credentials to be acceptable to Xapo’s clients." One of those clients, Grayscale Investments, agreed to transfer around $2.7 billion worth of digital assets that it manages (over 225,000 bitcoins) to Coinbase Custody in early August (this news was announced on August 2). Fortune says that, according to one source, "the majority of Xapo’s largest clients have agreed to transfer their assets to Coinbase, giving the company control of over 514,000 Bitcoins." It also says that the "remaining Xapo customer accounts are reportedly worth over $3.5 billion, and if Coinbase can sign on those customers as well, the company will have over 860,000 Bitcoins under custody."

Rumors of this deal first appeared in May in news outlets Axios and The Block; however, the deal took this long to complete "due to the sensitivity over transferring customer assets, and details such as who would take possession of the Swiss vault." Xapo's Bitcoin vault in Switzerland has "elaborate security measures that reportedly involve armed guards and multiple layers of granite inside a mountain." Casares says that his company will maintain ownership of the vault, which it will use for storing Bitcoin belonging to its retail customers. Fortune says that now that Coinbase Custody has completed this acquisition, it has over 150 institutional clients.

Armstrong told Fortune:

Custody is a critical step toward the institutionalization of crypto economy. It’s likely to start off small—maybe a few billion under custody—but it will grow quickly to a point that it’s a meaningful piece of stable, recurring revenue for the company.

Article Produced By
Siamak Masnavi

Siamak received his PhD in Computer Science from University of London in 1992. He has worked as a research scientist, technical author, software developer, and journalist. Since 2014, he has been researching cryptocurrencies and other applications of blockchain technology.


Chris Corey

Market-Leading Bot Hivereck Brings Simplicity to Arbitrage Trading

Market-Leading Bot Hivereck Brings Simplicity to Arbitrage Trading


As the global outlook for cryptocurrency and traditional forex continues

August 2019, London – As the global outlook for cryptocurrency and traditional forex continues to prove hard to predict, arbitrage trading is increasingly being used by both novice and experienced Altcoin & Bitcoin traders. This new tool helps all levels of traders to mitigate transaction exposure and boost profits.

Innovative Arbitrage Bot

Arbitrage trading is a widely used strategy to buy low and sell high on global currency exchanges, and with the potential to make strong returns is a popular tool across the market. In the past, traders were required to possess a detailed knowledge of the exchange, fees structures, and API’s, to place successful trades. 

The Bot that Brings Simplicity to Arbitrage Trading

Hivereck is an innovative new trading bot that levels the playing field – its simple algorithm allows users to simultaneously place several currency pairs between different exchanges in order to identify and exploit price differentials between them. It’s easy to get started with the Hivereck platform, all you need do is register an account, activate and deposit cryptocurrencies to your wallet and choose USD or BTC for your earnings. Once fully verified, users are also able to use fiat currencies to trade and depending on asset values can withdraw funds every 24 hours.

A Premier Arbitrage Tool for Contemporary Altcoin & BTC Traders

Hivereck users can deposit their account with a range of currencies including BTC, LTC, ETH, QTM, and USD to name a few – once the account is active and with funds, you are ready to trade with over 75 global crypto exchanges supported and 1500 marketsfollowed giving the trader maximum exposure. Many cryptocurrency exchanges offer the same currency pairs but the rates between them can vary from 1% to 15% – for the Altcoin or BTC trader of today, this offers great earning potential. The Hivereck bot allows users to enjoy average profits of between 2% and 7% on a good day and profits are ready to be withdrawn only 24 hours after the trade.

 With over 70 Altcoins and a handful of established cryptocurrencies including Bitcoin, the market is difficult to predict at best. The Hivereck bot allows users to transact multiple currency pairs at any one time – the bot is the perfect tool to assist the digital currency trader of today by simplifying arbitrage trades and increasing potential returns.Users can enjoy maximum returns with Hivereck and make arbitrage trading that little bit easier.

About Hivereck

Hivereck is an arbitrage trading bot that trades several pairs between numerous exchanges with company funds plus the funds deposited and locked by users around the globe.Hiverek is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or any value at all.

Article Produced By

The writer of this post is a guest. Opinions in the article are solely of the writer and do not reflect Null TX's view.

Chris Corey

Ripple Says Final Guidance’ From UK Regulator Hands XRP Long-Awaited Regulatory Clarity

Ripple Says ‘Final Guidance’ From UK Regulator Hands XRP Long-Awaited Regulatory Clarity


Ripple’s global head of government relations says a “final guidance”

issued by the UK’s Financial Conduct Authority is offering long-awaited regulatory clarity for XRP in the country.On July 31st the FCA published its final guidance defining which crypto asset activities it regulates. It lists XRP alongside Bitcoin and Ethereum, which have both been declared by the agency as exchange tokens – not securities.

“The FCA is therefore publishing the Final Guidance as consulted on with some amendments to provide greater clarity on what is and isn’t regulated. This includes making the important distinction as to which cryptoassets fall inside the regulatory perimeter clearer. Consumers should be mindful of the absence of certain regulatory protections when considering purchasing unregulated cryptoassets. Unregulated cryptoassets (e.g. Bitcoin, Ether, XRP etc.) are not covered by the Financial Services Compensation Scheme and consumers do not have recourse to the Financial Ombudsman Service.”

Ripple’s Michelle Bond first brought the new document to light on Twitter.

“The FCA now lists XRP in the company of BTC and ETH, both of which were previously classified as exchange and/or utility tokens (and not a security token). This is exactly the kind of regulatory clarity the industry needs.” Ripple is battling a federal court case filed by a number of XRP investors who accuse the company of selling the digital asset as an unregistered security. he investors recently filed an amended complaint against the fintech company, claiming that the development of the XRP ledger and the success of XRP are dependent on Ripple’s efforts. Ripple has until September 19th to file its response.

Article Produced By
The Daily Hodl Staff

Chris Corey

If Steemit and Medium Had a Baby: Publish0x Rewards Both Authors and Readers in Crypto

If Steemit and Medium Had a Baby: Publish0x Rewards Both Authors and Readers in Crypto

Publish0x, a crypto-agnostic blogging platform, has launched

with the intention to change the publishing industry by rewarding not just authors but also readers with crypto.

No ICO: Publish0x is Crypto-Agnostic

Publish0x didn’t conduct an ICO or raise funds, and it doesn’t have its own token. It is crypto-agnostic, and aims to integrate multiple tokens which can be used to send tips. The business model is to offer different projects the chance to sponsor the site and give out larger tips to all users.Although still in beta, there are over 1,000 users, tipping hundreds of times daily, and several coins have signed up to blog from the platform including Selfkey ($KEY), SpectreCoin ($XSPEC), Syscoin ($SYS), OneRoot ($RNT), Loopring ($LRC), Bounty0x ($BNTY), Banano ($BAN), Qubitica ($QBIT) and others.

Earn Crypto While Supporting the Project You Love

The biggest supporters form some of the best projects in the crypto space have already understood the powerful benefits Publish0x is offering. Hydrogen Project ($HYDRO) and Basic Attention Token ($BAT) supporters have written articles that raised awareness about their favorite projects, and have earned crypto while doing it!

Earn Crypto for Reading: How it Works

When you scroll to the bottom of any article on Publish0x, you will see a “tipper.” The reader chooses what percentage of the tip to keep to himself, and what percentage to give to the author. The minimum percentage of the tip that goes to the author is 20%. All of the tips are completely free to both author and reader. Unlike blockchain-based blogging platforms like Steemit and Minds, Publish0x is crypto-agnostic and doesn’t have its own token. Rather, it pays out in any number of ERC-20 compliant tokens that can be traded on different exchanges.

Article Produced By
Editorial Staff

Chris Corey

Crypto Derivatives amp The Looming Shadow of Institutional Investment

Crypto Derivatives & The Looming Shadow of Institutional Investment


Narratives come and go quickly in the crypto space,

with some progressing towards tangible products and developments while others fall by the waist side. The impending entrance of institutions into crypto has been speculated on for more than a year, with few definitive signs that major institutions have fully taken the plunge yet. Despite indications such as Grayscale’s record $2.8 billion assets under management (AUM) for Q2, Bakkt futures in testing, and Fidelity expected to roll out their crypto platform in the coming months; the general consensus is — once institutions really dive into crypto, it will be obvious.

Institutional speculations also come amidst an uncertain global economic backdrop, with tensions flaring in the US-Chinese trade war sparking an all-time low for the Chinese Yuan, governments around the world on the verge of expanding quantitative easing, and negative bond yields emerging in Europe all indicative of a tenuous situation. Add in the 6-year high of gold prices, and it is clear money is flowing into the traditional safe-haven asset for a well-known reason. Despite the ongoings of the conventional financial world, cryptocurrencies are unfolding in a unique environment. However, although considered to be independent of legacy finance, the correlation fueling the rising narrative that Bitcoin is a safe-haven asset like gold is a mixed bag right now.

Coin Metrics’ “State of the Network” newsletter has recently provided some useful information into the potential link between Bitcoin and global finance, and the connection is worth watching as crypto markets mature and uncertainty lingers in conventional ones. As investors wait for an “alt season” that seems like it won’t arrive anytime soon, Bitcoin and some of the other leading altcoins (e.g., Ethereum) are showing positive market signs. Their recent rise has been coupled with an increasingly competitive field for crypto derivatives products. All of the above sets a fascinating background for a budding trend in cryptocurrency markets, and its potential impact on institutional entrance into the markets.

The Dominance of BitMEX and Pitfalls of US Regulation

What’s interesting about the recent rise of crypto derivatives products, primarily in Asia, is that they are rapidly gaining traction among retail investors, prop shops, and (maybe) institutions dipping their toes into the pool. It’s hard to tell when BitMEX, the current flag-bearer for the crypto derivatives scene, refreshingly does not force KYC/AML on its users — fostering a unique pseudonymous exchange experience. However, BitMEX’s popularity, it’s massive insurance fund, high leverage, and lack of compliance has unfortunately attracted the attention of the CFTC, who is reportedly probing the exchange for servicing US customers.

In doing so, the CFTC has shed a spotlight on the microcosm that BitMEX’s represents for the emergence of crypto derivates products — the pitfalls and fallout of uncertain US regulations. It’s no secret that US regulators have tarried behind Asia, and many other countries, concerning definitive cryptocurrency regulations. As a result, some major exchanges that geo-block US customers include BitMEX, Deribit, Bitfinex, and Binance. In order, those are two of the most popular crypto derivatives platform in the world, and two of the leading spot exchanges (i.e., Bitfinex & Binance), who happen to be rolling out margin and derivatives products of their own.

American users cite easy ways to circumvent geo-blocking, but holding digital cryptocurrencies on a foreign exchange whose policy is not to serve US customers is a precarious position. Besides the CFTC probing BitMEX, the NYAG is also engaged in a lawsuit with Bitfinex over serving New York customers, which Bitfinex denies, and is moving forward with their high-leverage Bitcoin swap analogs anyways. BitMEX, despite the pitfalls with its trading engine, is a vital exchange in the Bitcoin markets and has been for quite some time. Just recently, the exchange exceeded $1 trillion in annual volume. But success comes with the scrutiny of regulators, even if they are based in the US.

The inclination of US agencies to pursue foreign exchanges is more than enough to deter low-barrier entry, high leverage swap products from emerging in the US, even if ErisX, Bakkt, and LedgerX are rolling out compliant, physically-delivered Bitcoin futures. As a result, it’s no surprise that a hotbed of crypto exchange innovation has occurred across the Pacific from the US. From Huobi Global to OKEx to Deribit, the Asian field of competition is seeking to steal some market share from BitMEX, who saw record outflows of BTC in July following the announcement of CFTC probe.

A New Wave of Competition

With Bitfinex and Binance derivatives and margin products on the horizon, the current field of crypto derivatives platform is about to get tighter. A few major exchanges have dominated the derivatives landscape so far, but it appears that established exchanges cannot avoid the lure of appealing to more investors with more crypto products, particularly with the impending entrance of institutions.

According to FTX’s global volume monitor, the top 5 crypto derivatives exchanges by volume are:

  1. BitMEX
  2. OKEx
  3. Huobi Global
  4. bitFlyer
  5. Deribit

All of the platforms are based outside the US, and BitMEX, OKEx, bitFlyer, and Huobi Global have operations in Asia, even if they are incorporated in obscure locales, like Seychelles for BitMEX. For their part, Deribit is run from Amsterdam in the Netherlands. Huobi is the US-arm of Huobi Global based in San Francisco, but does not offer derivatives products to US customers and is only a spot exchange. BitFlyer also has a similar option for US customers.

FTX is another emerging derivatives exchange themselves, born from quant trading firm Alameda Research, which is a resident on BitMEX’s leaderboard and currently manages over $100 million in digital assets. FTX, incorporated in Antigua and Barbuda, has burst onto the scene following the launch of their exchange platform with a refined liquidation engine, and interesting product offerings like a “shitcoin index” basket of low cap altcoins. FTX currently sits at 7th in derivatives volume, behind the Chicago Mercantile Exchange (CME) in the US, which is sixth and has cash-settled futures — not physically-delivered. Overall, you can find similar, albeit slightly varied, takes on BitMEX’s famous perpetual swap on crypto derivatives exchanges, among other options and futures as well. Leverage offered is high, often up to 100x, and some exchanges grant USDT as collateral alongside BTC and even swaps/futures for altcoin pairs.

As far as compliance goes, it’s no secret that BitMEX is popular for its pseudonymous approach to user identities. In an industry that runs contrary to centralized data repositories and its many pitfalls (i.e., Binance’s KYC extortion quandary), the nature of BitMEX likely contributes to its gravity among many traders. Additionally, many traders are attracted to the high leverage of BitMEX, Deribit, OKEX, and FTX, which offer up to 100X leverage on Bitcoin futures/swaps. However, that high of leverage also brings enormous risk, and is not recommended for retail traders. Huobi Global and bitFlyer also offer leverage, but in smaller sizes than their high-leverage counterparts. For example, Huobi Global DM (their derivatives market) offers up to 20X on BTC futures, and bitFlyer offers 15X.


We are still only very early into the crypto derivatives market, as overall volumes of roughly $14 billion (at the time of writing) across all crypto derivatives exchanges pales in comparison to conventional derivatives markets. Add in the shadowy history pervading crypto exchanges, stemming from countless hacks, and institutions are right to hesitate on diving into crypto derivatives.

However, as the market matures, look for more derivatives products, and exchanges offering them, to emerge. Should institutions take significant interest in Bitcoin derivatives once they are live and rolling with the likes of Bakkt, ErisX, and LedgerX, expect the actualization of the institutional entrance into crypto markets — fulfilling the long-awaited narrative. The onset and proliferation of crypto derivatives offerings appear here to stay, and is set amongst an uncertain economic background, struggling altcoin prices, and a potentially pivotal moment in Bitcoin’s history as a store of value. And Asia is looking to take the lead.

Article Produced By
Brian Curran

Blockchain writer, web developer, and content creator. An avid supporter of the decentralized Internet and the future development of cryptocurrency platforms.

Chris Corey

Bitcoin Price Analysis: Bullish Retest of 108K Teeters on Bearish Bias

Bitcoin Price Analysis: Bullish Retest of $10.8K Teeters on Bearish Bias

Bitcoin Price Analysis: Bullish Retest of $10.8K Teeters on Bearish Bias

                                  Bitcoin Price Down


  1. Following a large drop, the bitcoin market saw a bullish retest of a known support/resistance level. The $10,800 level has been a major pivot point for our market structure and, if we can manage to reclaim it as support, it would be a huge sign of strength in the market.
  2. However, if we fail to find support we are likely heading first for the $10,600 level followed by the $10,200 level.
  3. The market is situated on strong support but so far the bulls have yet to step in.  Although the 4 hour is currently showing a potential reversal signal, we need to wait for the next 4 hour close to see whether we are likely in for a downward continuation, or a bullish reversal to our intraday downswing.

Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This price analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Inc sites do not necessarily reflect the opinion of BTC Inc. They should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

Article Produced By
Bitcoin News

Chris Corey

Binance Says KYC Data Leak Fake’ but Is Investigating Blackmail Demand Source

Binance Says KYC Data Leak ‘Fake’, but Is Investigating Blackmail Demand Source


Digital asset exchange Binance has spoken out about a so-called “leak”

of its know-your-customer (KYC) data, posted earlier today in a Telegram group. In a statement, the company said the information posted was from February 2018, and hinted a bad actor had been blackmailing the company and demanding a 300 BTC ransom to withhold 10,000 registered user photos.

Telegram Channel Posts Binance User Data, Gets Taken Down

The information reportedly appeared in a Telegram channel called “kycisimportant”. On Twitter, Binance encouraged people to report the group and at press time, it is no longer accessible. Binance Global PR representative Leah Li told Bitsonline the Telegram team had taken down the group after multiple reports. Telegram regularly removes channels and users that attract complaints of spam, harassment, or other wrongdoing.

CEO Changpeng “CZ” Zhao called reports of the leak “FUD” (which generally means “untrue”) and “old news”, Binance’s online statement referred to a “false KYC leak”. Binance is offering a bounty of 25 BTC to anyone who can offer useful information in tracking down the blackmailer — which suggests the data did in fact contain real customer information.

Leaked Data ‘Bears Similarity’ to Binance User Info

In a company blog post explaining the situation, Binance said the posts on Telegram “bear similarity to Binance KYC data”. The company added there “are inconsistencies when comparing this data to the data in our system” as they did not bear the digital watermark it imprints on the customer data it keeps. However, the statement also noted Binance’s security team was investigating the incident with law enforcement agencies, and the third-party vendor it had contracted in 2018. Reports of a leaked KYC data haul from Binance and fellow exchange Kraken had circulated as far back as January 2019. A hacker had previously contacted the company with demands for 300 BTC to keep the information private, but had been unable to prove the data they held was genuine.

It also noted that it had previously hired a third-party vendor to provide KYC verification services in February 2018, to handle the high volume of applications it had received. At the time, Binance had become wildly popular and many users had been unable to sign up for new accounts. There were reports of potential users offering money to those already signed up to transfer their accounts, as eager investors queued to gain access to the broad range of cryptocurrencies and ICO tokens Binance was trading.

What Is KYC Data and Why Is it Vulnerable?

KYC data collection is an international legal requirement for all banks and online exchanges to prevent money laundering, tax evasion and other financial crimes. Typically, it involves name and current address information, and a recognized photo identity document such as a passport or driver’s license. Many exchanges often require additional ID in the form of a selfie showing the user holding the document, to prevent anyone signing up with someone else’s information.

The requirement for so many companies to hold this data is often criticized, given the tendency of organizations both large and small to suffer breaches. Companies storing this data find themselves constantly under attack, as identity documents coupled with financial information like credit cards and bank account numbers can be lucrative for data thieves. This data is particularly vulnerable for that reason, and the fact that even organizations with (supposedly) rock solid storage security are still vulnerable to leaks via third-party contractors or inside sources — both past and present.

Large, well-known corporations such as Target, Equifax and (more recently) Capital One have all experienced massive customer data breaches in past years. The hacks exposed the personal data of millions of mainly American customers, most of which likely ended up for sale on darknet markets and led to large-scale identity theft. Some have proposed blockchain-based systems for an internationally-recognized KYC and identity network, where data is encrypted and owners retain the private keys to this information. However there’s still the problem of who could access this data and how, with governments and companies always looking for faster and more convenient (for them) access to information about people’s lives and economic habits.

Article Produced By
Jon Southurst

Jon Southurst is a Senior Editor at Bitsonline. He is based mainly in Tokyo, and is interested in the roles Asian economies play in developing cryptocurrency and blockchain technology.

Chris Corey

How To Earn Interest on Bitcoin amp Other Cryptocurrencies Practical Guide

How To Earn Interest on Bitcoin & Other Cryptocurrencies ( Practical Guide)


  • Do you want to earn interest on Bitcoin holding?

  • Do you want to earn interest on other cryptos that you hold?

If your answer is yes to any of these questions, then you have come to the right place. In this resource, you will find some of the best and trustable financial products that let you earn Bitcoin interest or Altcoin interest by just holding them. These financial products use the various mechanism to lend these cryptos to other institutes, margin trading exchanges and other ways to generate a return and thus share the earnings with you.

I have done my best to find all the trustable resources that could be used. Most of them offer interest in Bitcoin and a few are part of Defi (Decentralized finance) which let you earn interest in popular cryptocurrencies. Disclaimer: Even though all these methods work, you should know that lending itself is a risky segment. A few of them have a locking period and based on your risk management, you should pick one. I have also shared a few websites that let you earn interest on Stable coins holding, which is something worth knowing and using in the time of the bear market or when the crypto market is going down.

Best websites to Earn Bitcoin interest & Interest on Cryptocurrencies:

Piggybank by OKEx

If you are someone who is into regular crypto trading and still wish to earn interest on Bitcoin or other crypto holdings, Piggybank by OkEx is worth looking at. OKEx is a top crypto exchange and this is a VAS (Value added service) that enables users to earn OKEx’s income from margin loans.

At the time of writing, following cryptocurrencies are supported by OKEx piggybank:

  • BTC
  • ETH
  • EOS
  • XRP
  • USDT
  • LTC
  • ETC
  • TRX

Highlights of OKEx Piggybank:

  • No locking period and you can withdraw fund anytime.
  • Interest is paid daily and compounded.
  • No minimum deposit
  • Instant deposit and withdraw

There are also many notable coins on OKEx, and it’s one of the platforms you should be using. In the below chart, you can see interest earned and 7-day annualized yield. Unlike other platforms listed in this resource, here the interest rate is not fixed. The interest rate is determined by interest accrued from margin trading on OKEx platform. As I said earlier, this is different than other platforms which offer Bitcoin interest, but I believe it’s something many of you would find useful.

 Compound finance:

Compound finance is at the forefront of decentralized finance where you can lend few of the major cryptocurrencies and interest on them. When you lend cryptocurrencies using Compound, you adding funds to the liquidity pool. You are not directly dealing with borrowers; rather they are borrowing from the market. Interest rates are determined algorithmically (real-time) based on supply and demand.

At the time of writing, you can lend the following cryptocurrencies on Compound finance:

  • ETH
  • DAI
  • BAT
  • USDC
  • 0x (Zrx)
  • Augur
  • WBTC (This is for lending Bitcoin, and I will cover in-depth in the upcoming guide)

With time, you can expect Compound finance to add more cryptocurrencies. The most common way to access the Compound protocol is by using Metamask. However, for users who are paranoid about security, you should use Defi saver that let you access compound protocol using a hardware wallet such as Ledger Nano X, Ledger Nano S, Trezor, and Fortmatic.

There are two stable coins supported by Compound finance right now:

  • DAI
  • USDC

Highlights of

  • The compound protocol lives on Ethereum blockchain
  • There is no locking period. You can withdraw your funds anytime
  • Interest rate is not locked and changes based on supply and demand.
  • Interest is paid after every ETH block confirmation (every ~15 seconds)


For earning interest in Bitcoin, BlockFi should be your first choice as Bitcoin Lending Platform. They offer interest up to 6.2% Annually on Cryptos. BlockFi supports following Cryptocurrencies:

  • Bitcoin
  • Ethereum
  • GUSD (Gemini Dollar)

Highlights of BlockFi:

  • Interest earned is paid out at the beginning of the month.
  • Interest earned is compounded monthly.
  • Minimum balance to earn interest is 0.5 BTC, 25 ETH, or $2,500 GUSD

The amount of interest you will earn on crypto lending on BlockFi varies based on the amount you wish to lend. Note: The APY is calculated based on monthly compounding. The locking period for Blockfi is one month and the withdrawal requires a manual interview and can take up to 7 days. Do keep a note of fees for withdrawal on BlockFi interest account (BIA).


I discovered Nexo a few months back and already shared about this with CoinSutra users on Telegram and on Twitter. If you are an existing member, you may be aware of Nexo already. This is another high-quality platform that let you earn Interest on Stable coins. You will be earning up to 8% interest, and interest is paid out daily, which automatically start earning high yield Interest.

Supported coins: USD, EUR, GBP, USDT, TUSD, USDC, PAX, DAI

Highlights of Nexo:

  • Supports all major stable coins.
  • Instant deposit and withdrawal
  • No locking period
  • 100% asset-backed guarantee
  • Custodial insurance of $100 million by BitGo and Lloyd’s of London
  • Business audited by Deloitte
  • Instant withdrawal from wallet with Zero withdrawal fees

The newest addition is Zero withdrawal fees for any of the cryptocurrencies from the Nexo wallet. They have a web app and mobile wallet, which makes it easy to use the Nexo platform.


Celsius is a platform that offers Interest On Bitcoin and other major cryptocurrencies. The interests are paid out weekly, and if you decide to take interest in the platform token (CEL), your earned interest rate will be higher.  At the time of writing, these are the coins supported by Celsius for earning interest:

  • Bitcoin – 4.60%
  • Ethereum – 3.90%
  • Litecoin – 4.50%
  • Ripple – 2.50%
  • OmiseGo – 4.25%
  • Bitcoin cash – 3.75%

Highlights of Celsius network:

  • No minimum deposit
  • Fee-free withdrawal
  • No lock-up period

Conclusion: Best ways to earn interest in bitcoin

As the cryptocurrency and decentralized financial market are increasing, I’m hopeful to see more trustable networks and platforms in the coming days. For now, these are some of the best options for you to earn interest in cryptocurrency and Bitcoin. Depending on how you are using cryptocurrencies, you can pick to earn interest in Bitcoin or in Stable coin.

Here is a summary of the above-listed platforms:

  • Compound finance: Most trusted and decentralized.
  • Block Fi and Celsius: The Easiest way to get started with earning Bitcoin interest.
  • Piggybank by Okex: Best for those who are also into crypto trading. Supports Bitcoin.

It would be nice to know which platform are you using to earn interest in Cryptocurrencies and Bitcoin? After trying any of these above-listed platforms, do come back to share your review and opinion.

Article Produced By
Harsh Agrawal

An award-winning blogger with a track record of 10+ years. An international speaker and author who loves blockchain and crypto world.After discovering about decentralized finance and with his background of Information technology, he made his mission to help others learn and get started with it via CoinSutra.Join us via email and social channels to get the latest updates straight to your inbox.

Chris Corey