Crypto Lending Platforms8 crypto lenders compared: savings rates up to 10.5% and loans from 0.9% APR

Crypto lending platforms are companies that pay you interest on crypto you deposit with them, or lend you dollars against crypto you pledge as collateral. They differ from DeFi lending, where you supply tokens to an on-chain protocol like Aave and no company holds them: here a company holds your crypto, so its terms and its health matter as much as its rate. The comparison above shows each lender’s current rates and terms, checked on its own site. For bitcoin specifically, see bitcoin lending rates.

How crypto savings accounts work

You deposit crypto or stablecoins, and the lender pays you a rate, usually variable and paid daily, weekly or monthly. The lender earns that money back by lending your deposit to borrowers, using it in trading or other markets, or paying rewards from its own revenue, and how it does so is in its terms.

The headline rate is often the best case. Many lenders pay the top rate only on small balances, to members of a paid plan, to customers in a higher loyalty tier, or if you take interest in their own token. Read the conditions in the comparison table before comparing two rates.

Crypto savings accounts aren’t bank deposits: they aren’t insured by the FDIC, and if the lender fails you may become a creditor rather than a depositor who can withdraw.

How crypto-backed loans work

You pledge crypto (usually bitcoin or ether) and borrow dollars or stablecoins against it, without selling it. The loan-to-value (LTV) ratio is the loan divided by your collateral’s value: borrowing $30,000 against $60,000 of bitcoin is a 50% LTV.

If the collateral’s price falls, your LTV rises. At a set level the lender issues a margin call, and you add collateral or repay part of the loan; at a higher level it sells some or all of your collateral to repay the loan, often with a liquidation fee. The lower the LTV you start at, the bigger the price drop you can absorb.

Compare the APR (which includes fees when the lender states it that way), the origination fee, the maximum LTV, the margin call and liquidation levels, the term, and whether you pay interest monthly or at the end. Borrowing against crypto generally isn’t a sale for US taxes, but a liquidation is.

DeFi Lending vs. Centralized Crypto Lending

CeFi accounts can be simpler to use, but the customer may not know exactly how deposited assets are deployed. Read the provider’s current terms for rehypothecation, withdrawal rights, collateral, insurance claims and geographic availability. Crypto interest accounts generally do not carry the same protections as insured bank deposits. DeFi lending rates compares the on-chain alternative, where you keep control of your wallet but take on smart contract risk instead.

What Happened to Celsius, BlockFi and Other Crypto Lenders?

The 2022 crypto credit crisis showed why yield and liquidity should not be evaluated separately from counterparty risk. Celsius, BlockFi, Voyager and Genesis lending entities entered bankruptcy after combinations of concentrated loans, falling collateral values, liquidity mismatches and exposure to failed firms. Customers often became creditors rather than depositors with immediate withdrawal rights.

Regulators also brought cases over how some interest products were marketed. The FTC’s Celsius settlement permanently barred the company from handling consumer assets, while the SEC’s BlockFi action addressed an unregistered retail crypto lending product. The practical lesson is broader than any one company: understand who controls the assets, how returns are generated and what happens if withdrawals stop.

Before you deposit or borrow

• Who holds your crypto, and whether the lender can lend it out or reuse it (rehypothecation). Some lenders promise never to; others do so to pay your rate.
• Proof of reserves or audits the lender publishes, and how recent they are.
• Your state. Many lenders exclude some states; the comparison above lists each one’s exclusions where the lender publishes them.
• The conditions on the rate: balance limits, memberships, loyalty tiers and lockups.
• For loans: the starting LTV, the margin call and liquidation levels, every fee, and what happens if the lender fails while it holds your collateral.
• How you withdraw and how long it takes.