CoinSwitch launches EARN, enabling users to accrue passive income on crypto
India, 21st November 2023: CoinSwitch, India’s largest crypto-trading platform, today launched ‘EARN’, a feature that enables users to accrue passive income on their crypto holdings. Users can lock-in their crypto through EARN for validation and get rewards in the form of crypto directly by the blockchain.
Commenting on the launch, Balaji Srihari, Business Head, CoinSwitch, “CoinSwitch EARN is a transparent program. The rewards are issued by the blockchain, as per its rules. This is a safe and attractive program for our users to monetize their holdings without having to sell.”
Users can lock-in their crypto through one of two trusted validators—Blockdaemon and Figment. CoinSwitch selected these validators after analyzing their track record, uptime, on-chain performance, and more.
CoinSwitch EARN, currently, supports four cryptos: Solana (SOL), Cardano (ADA), Polygon (MATIC), and Near (NEAR). The annual reward rates for the EARN program are as follows:
| Solana (SOL) | 6 – 7%* |
| Cardano (ADA) | 1.5 – 3%* |
| Polygon (MATIC) | 4 – 5.5%* |
| Near (NEAR) | 7 – 8.5%* |
*CoinSwitch EARN rewards may fluctuate based on the number of people locking their cryptos and the transaction volume on the underlying blockchain.
To use the EARN feature, users can follow these steps:
- Click on the EARN widget on the CoinSwitch app
- Select the crypto and enter the amount to be locked in
- Select the validator from the drop-down menu
- Confirm the order and track the rewards in the app.
Users can cancel the EARN order and unlock their crypto at any time.
