Crypto.com has introduced Cash Earn, a new high-yield cash feature for U.S. customers, according to an announcement the company shared on Wednesday, October 22.

The program offers up to 5.00% annual percentage yield (APY) on cash balances, paid in Cronos (CRO) directly within the Crypto.com app.

Green Dot collaboration brings FDIC-backed yield to Crypto.com users

Powered by Arc, Green Dot’s embedded finance platform, Cash Earn enables users to earn on cash held in an FDIC-insured account. 

Balances are protected through a deposit sweep program by Green Dot Bank and its network of participating FDIC-insured institutions, providing coverage of up to $5 million.

Joe Anzures, General Manager, Americas and EVP of Payments at Crypto.com, said:

“We are aggressively focused on providing consumers with the most comprehensive and empowering financial technology platform – all conveniently accessible within one interface. We are excited to deepen our work with Green Dot to provide Crypto.com users a high-yield cash offering as part of an industry-leading financial technology experience.”

The new feature allows users to earn yield with no minimum balance, no caps on earnings, and no lock-up period. Funds can be transferred via ACH through the app’s Cash Account, giving customers the option to grow cash holdings while waiting to invest in crypto or stocks.

Renata Caine, SVP and General Manager of Banking as a Service at Green Dot, added:

“Our partnership with Crypto.com is about more than the democratization of crypto assets, and we’re thrilled to launch Cash Earn together to enhance the banking experience for Crypto.com’s U.S. users. This partnership and the Cash Earn feature are built to give more people more power to buy, sell and use cryptocurrencies safely and securely in their everyday lives – and earn on their holdings while doing so.” 

Featured image via Shutterstock.