New Passive Income Opportunities: KuCoin Play and Pool-X23.01.2020, 11:36
Here at Prizes Drop we offer free cryptocurrency including Bitcoin and Ethereum for those collecting enough points when completing any number of our simple mini-tasks. Therefore, we try to keep you up to date with new sites and developments in the cryptocurrency world. These include potential ways you can spend or use your crypto, or store it for more passive income opportunities.
Most people know the name Binance, as the leading cryptocurrency exchange, where you can trade Bitcoin, Ethereum etc. for many other interesting crypto projects, or into a stablecoin, or back into traditional money. (There is now a Binance.us website and a Binance.je (jersey) closer to US and UK users.)
However, less people appreciate that you can ‘lock up’ your crypto on these exchanges and earn passive income for certain time periods. This is either because you’re lending your crypto out (all handled automatically and securely by the platform), or by ‘staking’, where you can earn staking rewards just by holding the coins for certain time periods.
A large rival to Binance is KuCoin Exchange, where many traders prefer the slick interface, soft staking rewards and other innovative features. KuCoin has its own token, KCS, which allows traders of the platform discounts on trading fees, and it also rewards holders with more KCS, if kept on the exchange (via the KuCoin Bonus). That’s a form of staking for passive income.
Recently, the exchange has launched two interesting new platforms: KuCoin Play and Pool-X. Let’s take a look at what they offer.
What is KuCoin Play?
Very simply, KuCoin Play rewards its members with crypto for completing ‘gamified’ mini-tasks that help promote various crypto projects.
"Support your favourite crypto projects and win prizes"
This could be anything from sharing promo messages across social media platforms, joining Telegram groups etc. to playing mini-games, entering trading competitions on KuCoin and entering Lucky Draws. Achieving some of these tasks correctly will enter you for the chance to win ‘prizes’ or a portion of a large giveaway.
In short, it’s a way to encourage promotion and engagement with crypto projects and KuCoin-based projects, increasing liquidity and distributing new crypto projects in a fair way. It’s also an engaging way to learn about new cryptocurrency or get involved via some of the tasks.
What is Pool-X?
Pool-X is a very different KuCoin product for members of the same exchange. In fact, it presents a much more sure-fire way to increase your crypto passively. You only have to enter one of the current ‘lock-up’ packages available, to receive an increased amount of interest on the holdings for a fixed time period (up to a ceiling of 12% usually).
Obviously, Pool-X is another mechanism to incentivise and encourage trading and buying activity; the purchasing of cryptocurrencies on KuCoin. However, users can lock-up the crypto they already own (without buying more) into these handy packages.
There is also its own coin - POL - which rewards users for liquidity providing, running nodes and by staking.
You can read more about Pool-X via their Medium post ‘Introducing Pool-X’.
It would seem that KuCoin is attempting to become a vibrant platform providing a range of opportunities (passive and active) for cryptocurrency traders and holders. It’s also aiming to attract new users via these well-conceived platforms in order to feed a vibrant ecosystem for its native token (KCS), beyond just normal trading.
A future world of blockchain and crypto grows wider online, and draws ever closer.