CoinSwitch, one of India’s recognized crypto exchanges, is expanding its service portfolio to attract more users to its platform. In an announcement shared this week – the exchange launched a new feature called ‘Earn’. Through this, CoinSwitch will let users ‘lock-in’ their crypto assets and earn rewards in the form of cryptocurrencies. With this offering, CoinSwitch is looking to increase the number of people engaging with crypto on its platform, given that the sector is still largely unregulated and volatile in India.
For the first phase of its roll out, CoinSwitch users will be able to use four cryptocurrencies – Solana, Cardano, Polygon and Near – as crypto deposits. Each of these four crypto assets already has a fixed reward rate.
For Solana deposits, users will be able to earn up to seven percent rewards. Similarly for Cardano, Polygon and Near – the reward rates are three percent, 5.5 percent and 8.5 percent respectively. It should be noted that these rewards earned may be subject to market fluctuations, depending on the number of people locking their cryptocurrencies on the platform. The transaction volume of the underlying blockchain will also affect the percentage of these rewards.
“Rewards are issued by the blockchain according to its rules. This is a secure and attractive program for our users to monetize their holdings without selling,” said Balaji Srihari, Business Head, CoinSwitch, commenting on the development.
The platform further specified that if anyone using the Earn feature wishes to unlock their crypto deposits, they will be allowed to do so at any time.
In recent months, Indian exchanges have reported a decline in trading volumes. This has arisen due to the overall industrial recession. Furthermore, back-to-back interest rate hikes in the US as well as the targeting of crypto players like Binance and Coinbase by the SEC in the US also negatively impacted the market momentum internationally.
CoinSwitch cut its customer support staff in August this year, citing a decline in user engagements. In the same month, CoinDCX crypto exchange also laid off twelve percent of its workforce, blaming India’s crypto tax regime for pushing away potential investors.
India is expected to get a clear legal framework to regulate crypto firms by December this year. The G20 countries along with India have drafted the main points on which these crypto rules will be based.
Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risks. The information provided in the article is not intended to constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV will not be responsible for any loss incurred from any investment based on any speculative recommendation, forecast or any other information contained in the article.
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