Swissborg is a cryptocurrency platform that enables you to stake your cryptocurrency and earn a yield on it.
We have been using the platform for a couple of months now and have been staking US Dollar Coin (USDC) on it. We thought it was time to wrap up this review as we have now seen enough of it in action to finalize our findings.
So first up, what is Swissborg all about?
Well it sounds like something that may have come out of Star Trek, but in fact it’s a cryptocurrency app which was launched in late 2017, back in the boom days of cryptocurrency.
It is part of a growing trend of DeFi (decentralized finance) applications that allow users to hold, stake and trade cryptocurrency.
Buying and Selling Cryptocurrency
The app itself is nice to look at and pretty user friendly. You can buy 17 different cryptocurrencies on the platform at the time of writing, including:-
- Bitcoin
- Ethereum
- Swissborg
- USD Coin
- Binance Coin
- Tether
- XRP
- Enjin
- Chiliz
- Uniswap
Plus a few others. At the moment in order to buy cryptocurrency, you have to deposit funds via bank transfer, which you need to do outside of the app. Ideally we would like to see an option to deposit via debit/credit card inside of the app itself, so hopefully they will add that option in future.
However, on the plus side Swissborg have a “Smart Engine” which connects to major exchanges like Binance, HitBTC and Kraken and secures the best rate on your trades. They currently have 258 crypto-to-fiat trading pairs meaning it has quite a diverse offering and in theory you should get good rates on your crypto trades.
Staking
In addition to being able to buy and sell cryptocurrency, Swissborg also offers an option to stake your cryptocurrency and be paid daily yields.
There are essentially three Tiers available for staking:-
- Standard
- Community Premium – stake 2,000 CHB and get 1.5x value multiplier
- Genesis Premium – stake 50,000 CHB and get a 2.0x value multiplier
So for example, if you are currently chose to stake Binance Coin (BNB), then at the standard rate you would receive 3.75% interest, at Community Premium you would receive 5.62% and for Genesis Premium you would receive a 7.5% interest rate.
At the start of our review the CHSB token was valued at $1.42 which made the Premium options quite expensive but it has fallen to around $0.50 at the time of writing, making them somewhat more affordable.
In any event, we staked 100 US Dollar Coin (USDC) on the standard plan for a period of 10 weeks and earned 1.22 USDC in total.
As mentioned during our review updates below, the interest rate fluctuates during your staking period. For us is started at 8% then fell to 7%, then 4%, then increased slightly to 4.25%.
Apparently this is because the APY depends on the market conditions which Swissborg tries to optimize through their smart yield programme. You can read more about that here. Unfortunately there is no way to know what the yield is going to be like in coming weeks and months.
Conclusion
So in essence that’s really all there is to the Swissborg app at the moment – buying and selling cryptocurrency and staking tokens.
On the positive side, it’s a nice app to use with a good UI and is mostly pretty intuitive. We like that it optimizes the trading and staking of cryptocurrency to find the best rates for its users.
On the down side, we would prefer a debit/credit card option rather than bank transfer to buy crypto and for staking it would be better to have a fixed interest rate for a given period rather than having it fluctuate and not know what kind of rate you will receive.
All in all we will award the app a NEUTRAL rating as whilst it’s got some positive features to it, we weren’t necessarily blown away by what it currently offers.
As ever with the world of cryptocurrency, please be aware that your capital is at risk and there are a range of risks to consider such as the platform being hacked or having other issues, currency risk in terms of coins potentially falling in value and other dangers. This is not investment advice and is for educational purposes only.
Swissborg – Results Update
29th June 2021
Swissborg is a cryptocurrency platform that enables you to stake your cryptocurrency and earn a yield on it.
We have been staking US Dollar Coin (USDC) and been earning 4% p.a. interest, which has dropped from the previous rate of 7% and the initial rate of 8.5%. We are not sure why the rate keeps dropping.
So far after a deposit of $100 USDC we have earned 1.00 USDC since 5th May.
Payouts are made daily and you can track them in the app.
It is a little disappointing to see the interest rates drop like this, we are attempting to find out why and will report back in our next update.
Swissborg – Results Update
9th June 2021
Swissborg is a cryptocurrency platform that enables you to stake your cryptocurrency and earn a yield on it.
We have been staking US Dollar Coin (USDC) and been earning 7% p.a. interest, which has dropped from the previous rate of 8.5%. We are not sure why the rate has dropped.
As remarked on in our other crypto platform reviews, one of the benefits we find with staking stablecoins is you don’t need to worry about fluctuations in the price of your token and it potentially being worth less than when you started, thereby wiping out the interest you have earned.
So far after a deposit of $100 USDC we have earned 0.66 USDC since 5th May.
Payouts are made daily and you can track them in the app.
The only other aspect worth mentioning is the Premium rate accounts. This is where you stake Swissborg tokens and receive a higher rate of interest. For the “Community Premium” there is a yield multiplier of 1.5x, meaning our 7% rate on USDC would actually be 10.5%.
To achieve Community Premium you need to stake 2000 Swissborg tokens (CHSB), which are currently priced at $0.71 per token. The Genesis Premium gives you a 2x multiplier on yields, but you need to stake 50,000 CHSB.
There isn’t much else to Swissborg really apart from staking and earning – it is a simple app and is doing as promised so far.
Swissborg – Results Update
16th May 2021
Swissborg is a cryptocurrency platform that enables you to stake your cryptocurrency and earn a yield on it.
We have been staking US Dollar Coin (USDC) and been earning 8.5% p.a. interest.
As remarked on in our other crypto platform reviews, one of the benefits we find with staking stablecoins is you don’t need to worry about fluctuations in the price of your token and it potentially being worth less than when you started, thereby wiping out the interest you have earned.
With USDC being one of those stablecoins, it was a natural choice. 8.5% is a decent rate of interest for a stablecoin and so far it is working as advertised. We have staked $100 worth and are earning 0.02 USDC per day.
Payouts are made daily and you can track them in the app.
So far so good then for the Swissborg app.
Swissborg – New Review
2nd May 2021
Today we are starting a new review of a cryptocurrency platform called Swissborg.
This is similar to some of the other crypto platforms we have started reviews of recently such as Crypto.com and FTX. Essentially you can buy, sell and exchange cryptocurrency, as well as stake and earn on it.
One of the interesting things about Swissborg is that they have a “Smart Engine” which connects to major exchanges like Binance, HitBTC and Kraken and secures the best rate on your trades. They currently have 258 crypto-to-fiat trading pairs meaning it has quite a diverse offering.
The main feature of Swissborg we will be focusing on however – as with our other crypto platform reviews – is the earning part of it.
This is where you can stake your cryptocurrency and be paid daily yields. They have some attractive exchange rates, although to achieve the top rates you will need to be a “premium” member, which means staking 50,000 of Swissborg’s own token, CHSB. This is currently valued at $1.41, so that will set you back a cool $70.500.
So for most users – ourselves included – it will be a case of just getting the standard interest rates. These are still pretty good though, with a yield of 4.69% p.a. reportedly being paid on the Swissborg token, 10.49% on USDC and 5.16% on Ethereum.
As ever with the world of cryptocurrency, there are a range of risks to consider such as the platform being hacked or having other issues, currency risk in terms of coins potentially falling in value and other risks. That is the chance any user takes when using a platform like this to achieve such high rewards.
It is also worth noting that the Swissborg token has some interesting features in addition to the premium interest rates available so we will have a look at those during our review too.
As usual we will report back here soon on how we are getting on with the platform.
In the meantime you can check out Swissborg for yourself here.
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