JazakAllah khair to the ustadh and sheikh running this amazing platform. I have a question in regards to the platform called crypto.com. They are like a crypto financial service with buying/selling tokens, storing and also their own credit card. I personally use their credit card since it gives good cashback into their token also it is a prepaid credit card with no foreign transaction fee.
Coming to my Question, the company has a stake and earn program, How its described where they give you perks for holding their token, which I believe wouldn’t be an issue but unfortunately they give interest on it.
My goal is honestly to enjoy the perks, and have no interest in staking their token but it is a requirement on their part.
Any inside would be really beneficial
JazakAllah khair
From the answers I have been able to obtain online:
Cro staking gives:
Liquidity for the financial services they offer their customers (retail and corporate)
Increased buying power
Security
Coin/Network stability
and this is something that they plan on launching coming later in March 2021
CRO Mainnet staking:
CRO Mainnet Staking rewards are given to validators (and millions of individual users delegating CRO to validators via DeFi Wallet) which helps secure the network and participate in the consensus to approve blocks and validate transactions.
The target APY for the network launch phase is set to be ~20% with an estimated 500M CRO in yearly rewards to be distributed. As previously announced, has been allocated for distribution as rewards over the next 10 years.
Crypto.com does have an exchange, Credit card service and they are providing lending loans as well, I have not been able to find publicity how much is each segment of their financial market.
If you can please break down what might be halal vs haram (not allowed).
And is it a valid approach to stake and donate the interest that might be earned from staking, and just keeping the original investment.
