Cream Crypto: A Beginner's Guide To Investing

C.R.E.A.M. Finance (CREAM) is a decentralised finance (DeFi) lending protocol that allows users to lend, borrow, and stake assets. It is part of the yearn.finance ecosystem and is accessible to users on various networks, including Ethereum, Polygon, and Fantom. The CREAM token is integral to the protocol and enables users to participate in the governance of the network. The current market cap of Cream Finance is $45.17M, with a circulating supply of 1,855,659 CREAM. If you want to invest in CREAM, you can buy it on cryptocurrency exchanges such as Binance, KCEX, Hotcoin, WEEX, and BTCC.

Buy Cream Finance with Debit/Credit Card

Using a debit or credit card is the easiest option to purchase Cream Finance (CREAM) if you are a new user. Here is a step-by-step guide on how to do it:

Step 1: Navigate to the Buy Cream Finance with USD Page on Binance

Firstly, you need to visit the official website of Binance, which is a centralized exchange where you can buy Cream Finance (CREAM) and many other cryptocurrencies.

Step 2: Select Cream Finance and USD from the Dropdown Menu

On the "Buy Cream Finance with USD" page, you will need to select "Cream Finance" and "USD" from the respective dropdown menus. This ensures that you are purchasing Cream Finance with US Dollars.

Step 3: Choose "Card" as the Payment Method

On the same page, you will see an option to choose your payment method. Select "Card" as you intend to use a debit or credit card for the purchase. Then, click on the "Confirm" button to proceed to the next step.

Step 4: Add New Card and Enter Card Details

If you have not purchased cryptocurrency on Binance using a debit or credit card before, you will need to add your card details. Click on the "Add New Card" button, carefully enter your card information, and then click "Confirm" once you have verified that the details are correct.

Step 5: Verify Payment Details and Confirm the Order

On the payment confirmation page, carefully review the details of your transaction, including the amount of Cream Finance you are purchasing and the corresponding USD amount. You will have a limited time to confirm the order, after which it will be recalculated based on the current market price. If you are satisfied with the details, click "Confirm" to place your order.

Step 6: Verify the Payment

After confirming your order, you will be redirected to your bank's OTP transaction page. Follow the instructions provided by your bank to verify the payment. This may include entering a one-time password (OTP) sent to your registered mobile number.

Step 7: Check Your Spot Wallet

Once the payment has been successfully verified, the Cream Finance (CREAM) tokens you purchased will be deposited into your Spot Wallet on Binance. You can then choose to keep your CREAM tokens on Binance or transfer them to a personal crypto wallet for safekeeping.

Buy Cream Finance with Google Pay or Apple Pay

Cream Finance (CREAM) is a decentralised DeFi lending protocol that allows individuals, institutions and protocols to access financial services. It is permissionless, open-source, blockchain-agnostic and offers yield farming rewards to its users.

CREAM tokens can be purchased via the Binance exchange. To buy Cream Finance with Google Pay or Apple Pay, follow these steps:

Step 1: Navigate to the Buy Cream Finance with USD page on Binance

This is where you will be able to select your desired payment method and complete the purchase.

Step 2: Select Cream Finance and USD from the dropdown menu

Here, you will choose the cryptocurrency you wish to buy (Cream Finance) and the fiat currency you will use to pay (USD).

Step 3: Choose your payment method

Select either "Google Pay" or "Apple Pay" as your preferred payment method.

Step 4: Review the details and confirm the order

On the payment confirmation page, carefully verify the details of your transaction, including the amount of Cream Finance you are purchasing and the payment method. You will have a limited time to confirm the order at the current price, after which your order will be recalculated based on the current market price.

Step 5: Place your order

Click "Confirm" to finalise your purchase. Your order will be processed, and the Cream Finance tokens will be deposited into your Spot Wallet on Binance.

It is important to note that cryptocurrency prices are highly volatile and subject to market risk. Before investing, ensure you understand the risks involved and only invest in products you are familiar with.

Third-Party Payment

There are multiple third-party payment channels available for purchasing Cream Finance (CREAM) cryptocurrency. The availability of these channels varies depending on your region. To find out which third-party payment methods are available in your region, visit the Binance FAQ.

When using a third-party payment method, it's important to carefully check the payment details and fees. You will also have a limited time to confirm your order at the current price. After one minute, your order will be recalculated based on the current market price. You can click 'Refresh' to see the new order amount before confirming.

Store or use Cream Finance in Binance

Now that you've purchased Cream Finance (CREAM), you can choose to store it in your Binance account or transfer it to your personal crypto wallet. Binance is a centralized exchange where you can buy and sell several cryptocurrencies, including Cream Finance.

If you plan on holding onto your CREAM tokens for the long term, you may want to consider transferring them to a hardware wallet, such as a Ledger or Trezor, for added security. On the other hand, if you intend to participate in the governance of Cream Finance, a Web 3.0 wallet like Metamask would be a better option as it will allow you to interact with decentralized applications (dApps). If you fall somewhere in between these two options, a mobile wallet like the Atomic Wallet could be a good choice.

In addition to storing your CREAM, you can also use it for various purposes on Binance. You can trade your CREAM for other cryptocurrencies or stake it on Binance Earn to generate passive income. Cream Finance offers staking rewards, so you can earn more CREAM by staking your tokens. You can also use your CREAM to borrow other cryptocurrencies on Binance, as it functions as a decentralized lending platform.

Another option is to trade your CREAM on a decentralized exchange (DEX). In this case, you would need to transfer your CREAM from Binance to a DEX like Uniswap, which supports a wide range of assets and blockchains. However, keep in mind that you will need a Web 3.0 wallet to interact with decentralized exchanges.

Cream Finance's Multipurpose Functionality

C.R.E.A.M. Finance (CREAM) is a decentralised DeFi lending protocol that provides individuals, institutions, and protocols access to financial services. It is a permissionless, open-source, and blockchain-agnostic protocol serving users on multiple blockchains, including Ethereum, Binance Smart Chain, Polygon, and Fantom.

The CREAM token has multiple functionalities, allowing users to lend, borrow, stake assets, and participate in governance. Here is an overview of CREAM's multipurpose functionality:

• Lending and Borrowing: C.R.E.A.M. Finance facilitates lending and borrowing of cryptocurrencies. Users can deposit their Ether or wBTC holdings on C.R.E.A.M. to earn yields, similar to a traditional savings account. At the same time, others can borrow these assets by providing collateral.
• Staking: CREAM tokens can be staked for up to four years to accrue rewards. The longer staking period encourages long-term commitment and helps develop the network. However, there is no admin unlock, so rewards are received only at the end of the staking period.
• Governance: CREAM token holders can participate in governing the network. They have the power to vote on which assets to support or delist, giving them a say in the platform's operations and direction.
• Liquidity Mining Rewards: C.R.E.A.M. Finance provides liquidity to important DeFi assets through automated market-making (AMM). Users who supply any supported asset as collateral can earn liquidity mining rewards in the form of CREAM tokens. This incentivises users to contribute to the liquidity of the platform.
• Support for Multiple Blockchains: C.R.E.A.M. Finance is blockchain-agnostic, meaning it is not limited to a single blockchain. It currently serves users on Ethereum, Binance Smart Chain, Polygon, and Fantom, providing interoperability and accessibility across different blockchain ecosystems.
• Composability: As an ERC20 token on the Ethereum network, CREAM enables the creation of Decentralised Autonomous Organisations (DAOs) for its community. This feature allows for better composability, which refers to the ability to plug different financial services into each other, creating a more versatile and integrated platform.

The multipurpose functionality of C.R.E.A.M. Finance provides users with a range of opportunities to participate in decentralised finance, earn yields, and contribute to the governance and growth of the platform.

Frequently asked questions