MyConstant: A Leading Crypto Investment and Lending Platform
If you’re looking for a way to dive into crypto, NFTs, or even the wider metaverse, there are lots of options out there for you. However, it can be hard to find one platform that covers all three. OpenSea, for example, is the go to place for NFTs and the metaverse. There are also many reputable crypto exchanges like Binance, Crypto.com, and Kraken.
MyConstant is different. It has long served as a gateway for crypto and helps you to use your crypto assets without having to sell them, but recent developments has seen the platform move into NFTs and the metaverse. Intrigued? Let’s find out more.
Launched in 2019, MyConstant has become a leading crypto-backed investment and lending platform. It has served over 180,000 customers from all over the world, with the majority being based in the United States.
To date, MyConstant has matched over $150 million worth of crypto-backed loans, giving opportunities for borrowers and investors alike. And what’s more, at the time of writing, no investor in the platform has lost their initial investment.
As we pointed out earlier, the platform is rapidly growing and in the last few months. It has added new features such as the MyConstant debit card, NFTs and the announcement of a new cryptocurrency – the MCT Token.
This is clearly an ambitious project, with a vision to take MyConstant into the metaverse. The signs are promising for the platform but what’s in it for you?
MyConstant’s Investment Products
To begin with, we’ll take a look at some of the core investment products that have been around for a while. As a peer-to-peer lending platform, it enables you to earn interest by lending either fiat currency, like USD, or cryptocurrency. For fiat, you can earn up to 7% APR, which is a much healthier return than your average bank account.
If you have cryptocurrency, the return could potentially be even higher – up to 12% APY. Of course, there are some strings attached to that but we’ll take a look at that a bit later.
The table below shows the details of each investment product currently available with MyConstant:
Collateral put up in a third-party lending pool
Collateral put up by MyConstant borrowers
MyConstant will indemnify you in certain cases
Up to 12% APY
At the end of the term
30 / 60 / 180 days
At the end of the term
5 BTC worth of each supported token
End term early?
Yes, and you earn 2% APR on elapsed time
Novice investors, new customers, and those who need access to their money
Experienced investors who can commit to a fixed-term for a better rate
Long-term cryptocurrency holders who want to earn a return on their idle assets
As you can see, there’s a variety of ways you can earn interest on this platform. Let’s take a more in-depth look at each product.
Instant access is MyConstant’s most flexible account, where you can deposit and withdraw at any time. In the time your funds sit in this account, it will be earning you 4% APY, until you withdraw it for free. While it might not sound like a lot compared to the other rates, 4% APY is still 50 times higher than the rate you’ll get at most major banks, with the same flexibility.
And with the new debit card, you can spend the money directly from the platform.
If you’re willing to trade a little flexibility with higher interest rates, then Crypto-Backed Lending could be the product for you. You can make fixed-term loans for 30-days, 90-days, or 180 days to earn between 6% and 7% APR, increasing with the length of term.
It works by your money going into a lending pool, which is available for borrowers to use. To get the loans, borrowers will need to put up between 150% and 200% of the loan value as collateral. If the value of that collateral falls below the 110% threshold, the loan will be sold in order to repay you – at no loss.
According to MyConstant, to date, no investor has lost any money on the platform.
Now, this is the interesting bit. Another core product of MyConstant is Crypto Lend. Again, like the Instant Access product, you can withdraw for free at any time, earning 4% APY with most cryptocurrencies, like BTC, ETH and BNB.
However, you can now earn 12% APY with USDT and USDC. Crypto Lend is MyConstant’s anytime-withdrawal investment account for cryptocurrencies. Your interest is paid and compounded every second in the same cryptocurrency you use to invest, and you can withdraw anytime for free. MyConstant has also capped investments at $3M to ensure it can cover investor losses in cases where it or its partners are at fault.
As we touched on previously, the platform is entering an exciting new phase, particularly with MCT Token. According to the company, the MCT Token represents its ambition to become a bridge between traditional banking and the metaverse.
Once you get hold of MyConstant’s native token, you’ll enjoy special discounts and find it easier than ever before to trade digital assets, Here’s some o the other benefits in a nutshell:
Earn more: When you invest in MyConstant’s platform using MCT token, you will earn 20% more interest.
Cut the cost of borrowing: MCT holders will enjoy a 20% reduction in borrowing fees on MyConstant.
Pay less for NFTs: Use MyConstant token to pay for NFTs and enjoy a 50% discount on fees.
Reduced fees on Crypto Swaps: You will be able to enjoy a 50% discount on Crypto Swaps fees.
Manage all your digital assets in one place: By having MCT tokens, you will be able to fully utilize our platform for borrowing, investing, and even spending – with the MyConstant debit card.
The coin isn’t available on the market yet – that will come in a few months time – but you can still be among the first to earn MCT tokens for free with MyConstant’s special Airdrop event.
MyConstant: On the Cusp of the Metaverse
MyConstant has proven to be a solid platform so far, seemingly resistant to the volatility of the crypto market. We can’t guarantee you that it will be a success but it certainly has some exciting times ahead. Its vision to be a bridge between traditional banking and the metaverse is an admirable one, and will pay dividends if they can pull it off.
As with any investment, there are risks. Borrowers can default, and you could lose your loan and interest. However, according to MyConstant, no investor has lost out in its 3 years in existence.
And today, you can earn up to 12% APY by lending crypto, which is compounded every second. There aren’t many places offering investment opportunities like that.