Crypto.com has unveiled its latest financial feature, Cash Earn, designed to enhance its banking services for U.S. customers. This innovative offering, powered by Arc—a platform developed by Green Dot—provides users with the opportunity to earn a high annual percentage yield (APY) of up to 5.00% on their cash balances within their Cash Earn Accounts in the Crypto.com app. This interest is compensated in CRO, the native token of the Cronos blockchain.
The launch of Cash Earn underscores Crypto.com’s commitment to creating a comprehensive and empowering financial technology platform. Joe Anzures, the General Manager of Americas and EVP of Payments at Crypto.com, expressed enthusiasm over the partnership with Green Dot, emphasizing their shared goal of providing consumers with a robust financial experience within a single interface.
Cash Earn is designed to offer convenience, allowing users to earn competitive interest while retaining access to their funds through ACH bank transfers. Through a collaborative deposit sweeps program with Green Dot Bank, participants can benefit from FDIC insurance coverage on Cash Earn balances, offering security for deposits up to $5 million.
With this feature, Crypto.com users can grow their cash reserves while waiting for ideal investment opportunities in cryptocurrencies or stocks. No minimum balance requirements, absence of caps on potential earnings, and no lock-up periods enhance the accessibility and attractiveness of this offering. Interest accrued in CRO is directly credited to users’ accounts on a monthly basis.
Renata Caine, Senior Vice President and General Manager of Banking as a Service at Green Dot, highlighted that this partnership aims to democratize access to cryptocurrency, enhancing the everyday banking experiences for users in the U.S. The Cash Earn feature not only empowers users to buy and sell cryptocurrencies but also enables them to earn interest on their holdings in a secure manner.
Crypto.com has positioned itself as a versatile financial platform since its inception in 2016, focusing on regulatory compliance, security, and privacy. Its ongoing mission is to facilitate the adoption of cryptocurrency, equipping users, innovators, and entrepreneurs to help cultivate a more equitable digital ecosystem.
Green Dot, established over 25 years ago, specializes in creating accessible banking and payment solutions, enhancing the financial capabilities of both consumers and businesses. The recent announcement adds to Crypto.com’s strategy to leverage the Arc platform for its Cash Accounts, paving the way for future improvements in functionality and features.
Both companies continue to expand their roles in the financial technology landscape, promoting innovative solutions that enhance the customer experience and provide a wealth of opportunities for personal and financial growth.
