6 Steps To ‘Stake’ SHIB On Crypto.com

Last updated on January 11th, 2022

You may have heard of staking cryptocurrencies that allow you to earn extra returns, and you may be wondering how you can do so with your SHIB tokens.

However, since SHIB is on the ERC20 network, you can’t technically stake SHIB as it is still using Proof-Of-Work!

One way that you can earn returns on SHIB is by lending it using Crypto.com:

How to stake SHIB on Crypto.com

Here are 6 steps you’ll need to ‘stake’ SHIB on Crypto.com:

1. Buy or deposit SHIB on the Crypto.com App
2. Go to ‘Earn’ on the Crypto.com App
3. Select the ‘+’ sign and select SHIB as the currency you want to lend
4. Select the term that you wish to lend SHIB
5. Agree to the terms and conditions of Crypto.com Earn
6. Select the amount of SHIB that you wish to lend out

Here is each step explained in-depth:

Buy or deposit SHIB on the Crypto.com App

The first thing you’ll need to do is to own some SHIB on your Crypto.com App. This can be done by buying some SHIB on the Crypto.com App, or depositing it from an exchange where you’ve bought SHIB from.

There are 3 ways that you can buy SHIB on the Crypto.com App:

1. Credit card
2. Crypto wallet (buying SHIB from another cryptocurrency)
3. Fiat wallet (buying SHIB directly from a fiat currency)

Buying SHIB via a credit card may result in you incurring rather high fees. Moreover, even if buying from your crypto or fiat wallet does not incur any fees, you may incur some fees from Crypto.com’s spread.

Another way is to deposit SHIB from another platform to Crypto.com. You can read my guide on how you can transfer SHIB from Binance to Crypto.com.

Go to ‘Earn’ on the Crypto.com App

To start lending your crypto, you will need to go to the ‘Earn’ tab.

Select the ‘+’ sign and select SHIB as the currency you want to lend

After that, you’ll need to select the ‘+‘ sign on Crypto Earn,

and then select SHIB as the currency that you wish to deposit.

Select the term that you wish to lend SHIB

After that, you will need to select the term that you wish to lend out SHIB.

There are 3 different terms:

1. Flexible
2. 1 Month
3. 3 Months

For the flexible term, you are able to withdraw SHIB at any time. However, the interest that you earn is much lower.

If you choose either the 1 month or 3 month term, the SHIB that you deposit will be locked up for that period of time.

Even if the price of SHIB starts to change, you will be unable to sell it!

However, the benefit is that you will be able to earn a higher interest compared to the flexible term.

Another factor that affects the interest that you earn is the amount of CRO that you staked on the Crypto.com App:

Term	Interest Rate
Flexible (Ruby or Lower)	0.5%
Flexible (Jade Green or Higher)	1%
1 Month (Ruby or Lower)	1%
1 Month (Jade Green or Higher)	2%
3 Months (Ruby or Lower)	2%
3 Months (Jade Green or Higher)	3%

The amount of CRO that you stake depends on which Crypto.com Visa card you wish to own.

If you own the Ruby Steel card, you will be able to receive a CRO rebate if you use the Crypto.com Visa card to pay for Spotify!

Agree to the terms and conditions of Crypto.com Earn

There are certain Terms and Conditions that you’ll need to accept.

By accepting the Earn and Credit T&Cs, you are accepting the risks involved with lending your crypto. There could be a risk that you will lose all of your cryptocurrency if Crypto.com closes down as well!

Select the amount of SHIB that you wish to lend out

The last part is that you’ll need to select the amount of SHIB that you wish to deposit to Crypto.com Earn.

You are required to deposit a minimum of 8,000,000 SHIB to use this feature. This is quite a huge sum, and you are unable to deposit any sum that is smaller than that!

After confirming your deposit, you will reach this confirmation page.

Verdict

Crypto.com Earn is one of the few places that you can consider earning interest on SHIB. However, there are 3 things that you may want to take note of:

You will only earn simple interest on SHIB

On Crypto.com, the interest will be paid out to your Crypto Wallet.

Since you are earning simple interest, your returns will not compound. This is different from banks that compound your interest. As such, you will be able to earn interest on the interest that you’ve previously received.

When you leave your crypto in the long term, the returns you earn will be much less compared to compound interest.

Your funds will be locked up if you choose the 1 or 3 month terms

If you are looking to trade SHIB, it will be best to leave it in the flexible term instead.

This is because once you deposit SHIB into a 1 or 3 month term, you will only be able to receive it back once the term expires.

If you intend to sell the SHIB that you own, it would be best not to put it in the terms that lock up your funds!

The minimum deposit is 8,000,000 SHIB

If you want to deposit SHIB into Crypto.com’s Earn, you will require a minimum amount of 8,000,000 SHIB. Depending on the price of SHIB, this can actually be a rather huge sum!

This is different from other platforms like Celsius or Gemini Earn, which allow you to start earning interest with no minimum deposit.

Conclusion

Despite its flaws, Crypto.com’s Earn is still an attractive way to earn extra interest on SHIB. This is a similar method to how you would earn interest on ADA, MATIC or ONE.

While this isn’t technically staking your SHIB coins, you are still able to lend it out for a rather decent return.

If you are intending to hold SHIB for the long term, it is definitely one way you can consider further growing your holdings!

👉🏻 Referral Deals

If you are interested in signing up for any of the products mentioned above, you can check them out below!

Crypto.com Referral (Get up to $25 USD worth of CRO)

If you are interested in signing up for Crypto.com, you can use my referral link and enter the code ‘x2kfzusxq6‘.

We will both receive $25 USD worth of CRO in our Crypto Wallet.

Here’s what you’ll need to do:

1. Sign up for a Crypto.com account
2. Enter my referral code: ‘x2kfzusxq6‘
3. Stake enough CRO to unlock a Ruby Steel card or higher

The amount of CRO that you need to stake depends on the card you wish to get, and the currency you are staking in.

You can read more about the referral program on Crypto.com’s website.

Crypto.com Exchange Referral (Earn $10 USD- $50 USD in CRO)

If you are interested in creating a Crypto.com Exchange account, you can use my referral link and enter the code “x2kfzusxq6“.

Depending on the amount of CRO you stake on the Crypto.com Exchange, you are able to earn between USD $10 to USD $50!

Here are the amounts that you’ll need to stake to receive the bonuses:

Amount of CRO Staked	Referral Bonus You Receive
1,000 – 4,999 CRO	$10
≥ 5,000 CRO	$50

If you’ve already signed up for the Crypto.com app, you can still sign up for this bonus! This is because the Crypto.com App and Exchange are 2 different platforms.

You can read more about this referral program on Crypto.com’s website.

Are you passionate about personal finance and want to earn some flexible income?