How to invest in cryptocurrency: A beginner's guide to Omm
Learn how to get started with cryptocurrency and money markets, so you can finally make your money work for you.
You’ve heard of Bitcoin, but what do you know about ICX, OMM, and USDS?
They’re all cryptocurrencies powered by ICON, the world’s most advanced blockchain. And they’re all found on Omm – a money market made for everyone.
If you’re new to crypto, blockchain, and money markets, Omm is a great place to start. You can supply money to earn interest, borrow money for short-term loans, and earn rewards for doing so.
The basics: cryptocurrency, blockchain, and ICON
A cryptocurrency (‘crypto’) is a digital currency that uses cryptographic security to verify transactions.
The transaction records are stored across a network of computers, using a technology called blockchain. This clever technology protects data from tampering, because if any computers are compromised, others in the network can still verify transactions.
It’s like if you go to a library and can’t find a particular book, thousands of other libraries around the world will still have that book on their shelves.
ICON is one of the world’s most advanced blockchains. It processes transactions in 2 seconds (over 150x faster than many other blockchains), has extremely low fees – around $0.02 at the time of publishing – and will soon support cryptocurrencies from a variety of blockchains. The ICON cryptocurrency is known as ICX.
Omm is powered by the ICON blockchain. As a money market, Omm is a place where people can supply money for others to borrow. Suppliers earn interest from borrowers, and both parties earn rewards for using the platform.
Sign in with Bridge
To use Omm, you need a digital wallet – this is software for storing and accessing your crypto, as well as for signing in to blockchain-based apps. Bridge is a wallet designed for people brand new to cryptocurrency, which you can access with an email address.
Go to app.omm.finance, then click ‘Sign in’ and choose Bridge:
Enter your email address, click ‘Sign in’, and let Bridge create your wallet:
Check your inbox for an email from Bridge (this may take a few minutes to arrive), then click the link inside to sign in to Omm.
Buy your first crypto with Stably
Bridge integrates with Stably, which sells Stably USD (USDS) – a cryptocurrency pegged to the US Dollar (1 US Dollar is equivalent to 1 USDS). These pegged currencies are known as stablecoins and are considered more reliable for payments than most other cryptocurrencies, whose prices can change erratically.
After you sign in with Bridge, click Deposit, then click ‘Go to Stably’:
Follow the instructions to sign up with Stably Prime so you can buy USDS. Stably Prime will guide you through the identity verification and purchasing process, and you can then send your USDS to your Bridge wallet. If you need more guidance, check out the Bridge user guide.
When you're done, congratulations: you’ve just purchased some crypto!
Supply USDS to earn interest
Now it’s time to start using Omm. Go back to app.omm.finance and sign in with Bridge.
On the Home page, you’ll see a list of the cryptocurrencies in your wallet that you can use with Omm, along with the annual interest rate (APY) you’ll receive for supplying them. (Unless you’ve purchased other currencies, you’ll only have USDS and a tiny amount of ICX at this point.)
Click the Stably USD listing to expand it:
Click Supply, and adjust the slider to choose the amount:
Your expected daily interest and Omm rewards will update as you adjust the value. The rewards are called Omm Tokens (OMM), and are what’s known in blockchain as a governance token: they give you voting power to influence Omm's future direction, and the ability to benefit from other earning opportunities.
Click Confirm to complete the transaction.
Your supplied amount will increase over time to reflect the interest you receive, so you're now earning a passive income on your money.
Claim OMM rewards
In addition to earning interest, you can also visit the Rewards page to see how many Omm Tokens you’ve earned:
When you see Omm Tokens available to claim, click the ‘Claim rewards’ button to transfer those OMM to your wallet.
Lock up your OMM to earn even more
You can get even more rewards by locking up the OMM you've received.
Go to Rewards > Boosted OMM, or Vote > Overview, then click ‘Lock up OMM’.
Choose the amount of OMM to lock up and how long to lock it up for (from 1 week up to 4 years). Your earning potential and voting power will increase to reflect the value of bOMM.
Click Confirm and complete the transaction. After the transaction has been confirmed, you’ll be prompted to apply your boost so you can earn more OMM from markets and liquidity pools. If you choose ‘Not now’, claim OMM rewards at any time to recalculate your boost and apply it to every activity.
Enjoy your passive income
As you've seen, Omm makes it easy for you to get started with crypto, and to quickly amplify your returns.
By taking advantage of ICON’s super-fast transactions and low network fees, Omm is the best place to earn interest, borrow money, and get rewarded for doing so.
Now it’s time to sit back and watch your investment grow...
...or become more actively involved
When you’re ready to do more, like borrow crypto, participate in governance, or withdraw your earnings, visit Omm support to learn how.
The Omm community welcomes questions from new users via Discord, Twitter, Reddit, and the Omm forum.