CryptoLocally’s new DeFi feature allows you to earn staking rewards on your crypto assets
One of our goals at CryptoLocally is to continue to push the boundaries of what’s possible in the crypto/blockchain space. We also strive to be at the forefront of innovation in decentralized finance. To achieve these goals, we developed a new DeFi feature: “Finance Wallet” allowing users on our platform to passively earn staking rewards on their cryptocurrencies!
Why are we offering this capability on our decentralized trading platform?
Since our company was founded, the CryptoLocally team has worked hard to expand the selection of coins available for trading. However, we want to be more than a leading decentralized P2P trading platform. We also want to revolutionize the finance industry by advancing new technologies that can help anyone maximize their earning potential.
There is no better way to do that than to advance into decentralized finance. It opens doors to a globally interconnected alternative to every financial service you use today — savings, loans, trading, insurance, and more. While the majority of decentralized services present today are difficult to access, we are confident that our solution is uniquely simple and intuitive.
We believe that expanding our product offerings to include decentralized finance capabilities will play a significant role in the evolution of the cryptocurrency and blockchain industry.
What is Decentralized Finance (DeFi)?
To understand the significance of our new feature, it is important to have a basic grasp on decentralized finance.
Decentralized finance, commonly referred to as DeFi, is the unification of the services provided by traditional banks and decentralized technologies like blockchain.
The DeFi community is working to develop decentralized alternatives to all of the financial services that are traditionally offered by banks and other financial institutions. DeFi is groundbreaking because it expands the reach of money and the availability of financial services. After all, you only need an internet connection to participate in the DeFi revolution. This is how DeFi will make financial services available to millions of people who unfortunately do not have access to traditional banking.
CryptoLocally’s new DeFi feature: Finance Wallet
The Finance Wallet lets you earn staking rewards on cryptocurrencies like ETH, DAI, GIV, and USDC in the easiest and fastest way possible, right from the CryptoLocally platform!
How can you start? Simply toggle the button under “earn staking rewards” to passively earn staking rewards from your digital assets. There is no minimum lockup period and you can stop whenever you want by toggling the button to “Off”. That’s all you need to do to start/stop earning staking rewards on your cryptocurrencies :).
Here is a quick walkthrough of how to set up your Finance Wallet and how to earn staking rewards on your digital assets:
Step 1. Set up the Finance Wallet
Create a password to set up your Finance Wallet. Keep in mind that your password must be between 6 and 32 characters and include at least one number, one letter, and one special character.
* Warning! If you lose your password, you will lose access to your wallet and will not be able to regain access to it. Read our short guide to understand why you can’t restore your password. *
Click “CONFIRM” to complete the Finance Wallet set up.
Step 2. Deposit cryptocurrency
You will need to deposit cryptocurrency, such as, GIV or ETH, into your Finance Wallet address. To do so, click on the “Deposit” button next to the cryptocurrency of choice. The wallet address and memo where you have to send the selected cryptocurrency will appear below
* CAUTION! Only send corresponding cryptocurrency to a deposit address (GIV for GIV, ETH for ETH, etc.). *
Step 3. Earn staking rewards
A table will display your cryptocurrency holdings. Toggle the button under “Earn Staking rewards?” that corresponds to the cryptocurrency that you wish to earn staking rewards on.
Type your password to confirm you want to earn staking rewards on your crypto holdings with your Finance Wallet password.
By clicking the “CONFIRM” button you will officially start collecting staking rewards with our Finance Wallet.
You can learn more about how to set up and use our new DeFi feature: Finance Wallet by reading our guide.