The current crypto bear market has made many people rich, but if you’re looking to keep your wealth from fading away then moving back into fiat currencies is not the answer. Low-interest rates mean that even with $1 million in cash stored up now as appreciation for later on down the line it will only bring around 2% annually – hardly enough when inflation runs rampant!
What we know about KuCoin
KuCoin is a cryptocurrency exchange that officially launched on September 15, 2017. The founding team includes Michael Gan (founder), Eric Don(CEO) and Top Lan with Kent Li as CTO; John Lee for customer support services while Jack Zhu manages regulatory compliance efforts across all areas of operations in his role as HeadVMware Technological Director at Ku Boxing Services Pte Ltd.
What is KuCoin Lending?
KuCoin Lending is a new service KuCoin has started to offer in order to help its clients make money from idle cryptocurrencies. It works like this: you send KuCoin some of your cryptocurrency, they loan it out to margin traders who are using KuCoin as their trading platform, and then KuCoin shares the profits with you. The duration of the loan and the interest rate are both fixed in advance.
KuCoin Lending is a great way to earn some extra income without having to do much work – all you need to do is send KuCoin your crypto and they’ll take care of the rest. However, there are some risks associated with this service which you should be aware of before deciding to participate.
KuCoin lending’s main risks
The first risk is that KuCoin could use your crypto for other purposes than just margin lending. KuCoin has stated that they will only use your crypto for margin lending, but there is no guarantee that they will actually do this. If KuCoin decides to use your crypto for other purposes, then you could miss out on potential profits.
The second risk is that KuCoin could loan out your crypto to risky borrowers. KuCoin has stated that they will only loan out your crypto to “safe” borrowers, but there is no guarantee that this will actually be the case. If KuCoin loans out your crypto to risky borrowers and those borrowers default on their loans, then you could lose some or all of your crypto.
Conclusion
KuCoin Lending is a great way to earn some extra income without having to do much work. However, there are some risks associated with this service which you should be aware of before deciding to participate.
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