Bengaluru (Karnataka) [India], August 6 (ANI/BusinessWire India): Founded by IIT BHU and IIM Ahmedabad alumuni, 24Carret is now available to Indians on the Carret app. With the notion of creating the next-generation cryptocurrency platform for people to invest seamlessly into, Carret is built for individuals who want to earn with crypto in the most efficient way.
Founded in India, Carret believes in the long-term potential of the cryptocurrency ecosystem for generating passive income. As the world of decentralised finance (DeFi) evolves, more and more platforms are offering cryptocurrency yield accounts. Crypto yield accounts allow users to stake or lend coins for a set period to earn interest. The crypto high yield account may be the most optimal solution for those who just want to earn some interest in their cryptocurrencies instead of letting them sit idle. A crypto high yield account will lend, invest, or stake crypto, paying users interest regularly on the earnings. What makes 24Carret stand out from the rest of the applications in the market is one of the highest interest rates being offered, and that is up to 17 per cent APY.
(Stablecoins are cryptocurrencies whose value is pegged to a fiat currency, most commonly the US dollar).
Historically, gold has been used as a hedge against inflation and geopolitical upheaval, with a traditional move being to use it against stock volatility. In the past, it was a highly effective method, but a new alternative has developed that is challenging the antiquated safe-haven method. Cryptocurrency is a new asset class that began with the creation of the Bitcoin blockchain in 2009. The primary advantage of Bitcoin and most other cryptocurrencies based on blockchain technology is the lack of a centralized authority, payment processor, or company owner.
Bitcoin is frequently referred to as “digital gold” by its supporters. The term refers to the notion that Bitcoin, like gold, can serve as a store of value that is uncorrelated with other financial markets, such as stocks. Earning stable interest from crypto holdings is the next best alternative to some of the safer but less rewarding investments like FDs and Gold, and it’s a clever decision to diversify one’s portfolio among various platforms to minimize the risk and maximize the earnings in the long term.
Staking cryptocurrency allows people to earn extra passive income from their assets. The greater the amount of cryptocurrency staked in the high-yield crypto account, the greater the potential rewards. It is an excellent form of wealth creation for long-term holders of crypto assets.
As India’s first cryptocurrency high yield account, 24Carret goes beyond simply buying and selling crypto by providing this unique investment opportunity. With this yield-bearing account, users can earn passive income on assets irrespective of the market conditions.
Carret is now building the guide to the future of crypto investing, with a mission to provide an all-in-one suite of holistic crypto investing and help navigate the cryptoverse. Carret’s vision is to give users unprecedented control over the entire financial ecosystem of the world’s fast-growing crypto industry.
By downloading the app and signing up on the Android apps and iOS apps, users can access “24Carret”. The account can also be accessed through the Carret website.
With a simple and easy-to-use interface, Carret supports 100+ cryptocurrencies. The coins and tokens have transparent and competitive fees in the market with the option to check accrued interest over time. This app is highly recommended for all those who are looking for alternative investments in crypto products. The platform currently provides interest rates of up to 8 per cent for Bitcoin, 9 per cent for Ethereum, 11 per cent for AVAX, and 17 per cent for USDC.
Annual Percentage Yield (APY) is the total amount the crypto can earn in a year (including the compounding in the principal amount). The capital is compounded daily to maximise the benefits for customers. As all interest is paid monthly, it can easily leverage the power of compounding. 24Carret strives to provide users with a consistent return.
(Please note: This is not an advice to invest in crypto assets for some attractive returns. Make sure users do their own research and consult with a financial adviser before making any decisions about financial investments.)
Inflation is a complex economic concept that can be good or bad, but the consensus is that it is disastrous when it becomes too high and spirals out of control. Across the world, inflation numbers have gone up considerably due to the unprecedented money printing by central banks in the past 24 months. Currently, almost 2 billion people live in double or triple-digit inflation.
People frequently take precautions to protect themselves by investing in assets (like the crypto asset class) that can appreciate in the longer term and produce good returns. Inflation has been a constant threat to the value stored in fiat currency. Bitcoin, whose supply is capped at 21 million, makes it an appealing asset to invest in for the long term.
24Carret, offered by Carret, provides an opportunity for crypto users to protect against market volatility by investing in stablecoins to earn up to 17 per cent APY. Carret generates the return by diversifying deposited crypto assets across various institutional borrowers, protocol level staking, and DeFi ecosystem to maximise returns while minimising risk.
The team carefully selects institutional borrowers after thoroughly screening them to lend out crypto assets to generate a yield. To eliminate the risk of default, Carret’s expert team constantly monitors risk and actively manages the pool of diversified funds.
One of the primary reasons why compounding works so well for crypto assets is market volatility. Because of the way compounding interest works, time is on your side. The longer one starts investing, the faster it will grow.
Carret aims to address the three major issues that consumers face when adopting blockchain technology today: potential losses due to price fluctuations, the complexity of investing in innovative DeFi protocols, and the lack of a consumer-friendly mobile application.
Bitcoin, Ethereum, AVAX, and some stablecoins are popular cryptocurrencies on which investors can earn interest. The interest paid on these accounts is in the form of cryptocurrency, making it possible to save and earn with crypto easily.
Taxation:
Carret provides a step-by-step guide on the taxation of crypto holdings. Carret will try to answer tax-related questions to their best abilities, but bearing in mind that Carret is not a registered tax advisor, it is recommended that users consult with an accountant before filing taxes.
Insurance:
Carret has a very thorough risk management system in place to manage the risk levels associated with yield generation. Carret only collaborates with best-in-class partners and blockchain protocols to provide the users with optimal returns while minimising risks. Crypto assets and their custodians, on the other hand, are not covered by any deposit protection insurance policy.
Account Security:
Carret’s secure crypto investment platform provides world-class security features to safeguard investments and personal information. They have partnered with Fireblocks, one of the world’s leading enterprise-grade digital asset custody technology providers, to ensure the security of users’ assets and deposits.
Carret evaluates the protocols and creditworthiness of its partners regularly to ensure the safety of funds. They also employ multi-signature authentications to ensure asset security, as well as DDoS protection.
Supporting Cryptocurrencies:
Carret accepts the following coins for their high-yield crypto account: BTC, ETH, AVAX, and two stablecoins: USDC & USDT. As the users request additional crypto assets, Carret will add them to their earn platform.
Deposit:
Users can use the Carret app to sign up on the Carret platform. After signing up, fill out basic information (name, age, etc.), add a bank account, and finish KYC (which takes less than 30 seconds).
Carret users can easily deposit INR once after signing up and completing KYC. A minimum deposit of INR100 is required on their platform.
Withdrawal:
Users can transfer the crypto assets from “24Carret” to the trading account on the Carret app before users can either convert them to fiat or withdraw them. Carret allows for the immediate withdrawal of
INR funds.
About founders:
Carret is founded by Neha and Shuja, who have seasoned experience building products at Flipkart and UpGrad, respectively, as well as years of crypto experience. They are connected by the unique trait of being visionaries, with the capacity to recognize, seize, and act on future technological opportunities.
This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article. (ANI/BusinessWire India)
