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Coinbase offers a suite of products for the crypto industry, including easy-to-use wallets, debit cards and now interest-based savings account for Bitcoin.
Coinbase is legendary in the industry for helping to make crypto mainstream with simple, secure products. Now that they’ve recently created a savings account, we thought it could be interesting to compare them with a leader in the space: Nexo.
Nexo offers crypto savings accounts, loans, and soon, a debit card. They have a simple, secure savings product that definitely gives Coinbase a run for its money.
We’ve compared both products in detail, so you don’t have to.
What is Coinbase?
Coinbase is a leading cryptocurrency platform with a variety of products that operate in the blockchain industry. Coinbase recently launched USDC Rewards, which allows users to earn interest on the USDC stablecoin.
What is Nexo?
Nexo is a crypto loans and savings platform that allows you to borrow or earn interest on your crypto assets. It's developed by a fintech team that have been building similar products for the last 10 years. They offer savings accounts on a large range of crypto assets including most stablecoins.
Coinbase's core features
Earn passive interest on USDC stablecoin
Solid apps and website
Nexo's core features
100 million USD insurance on custodial assets
Licensed & regulated financial institution
No fees. Add and withdraw at any time
Compounded interest paid out daily
What's unique about Coinbase
Coinbase were the first to introduce the industry's most user-friendly and secure wallet and exchange services. They have always excelled at making this often difficult to use and intimidating industry much more accessible to the mainstream.
What's unique about Nexo
Nexo's most unique characteristic is that it supports more than 45 fiat currencies and many cryptocurrencies. In addition to this, the team have been working together in the fintech industry for more than 10 years.
How safe is Coinbase
While Coinbase doesn't offer insured wallets, they do have one of the best reputations in the industry. They're yet to be successfully hacked and they offer institutional-grade custody for very reputable clients
How safe is Nexo
Nexo offers two-factor authentication in its app. They also offer third-party custody from Bitgo. BitGo investors include Goldman Sachs and the platform is SOC 2 Type 2 certified. BitGo Custody carries $100 million USD in insurance protection.
Compare with Coinbase and Nexo alternatives
Similar Savings Accounts and Loans
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Coinbase vs Nexo: The verdict
Unfortunately, Coinbase simply doesn’t compete with Nexo. Nexo is easier to use, they offer 100 million USD insurance on each wallet and their interest rates are significantly higher. Coinbase’s initial product in this space is a bit of a shock as it’s just not competitive. You can view a breakdown of our comparisons here.