Swyftx, one of Australia’s most popular cryptocurrency exchanges, has become the first in the country to offer users zero-fee yields on cryptocurrency deposits.
Swyftx, the first Australian-operated crypto exchange, will begin giving interest-bearing rates on a wide range of cryptocurrency assets.
Swyftx’s new Earn product will allow residents of Australia and New Zealand to earn income on 21 different digital assets, including large-cap cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Cardano (ADA), and stablecoins like Tether (USDT) and USD Coin (USDC).
Swyftx’s Earn feature, according to Ryan Parsons, is one of the most competitive in the crypto business, since the Brisbane-based company will allow users to withdraw their assets from Earn at any time, with no exit fees, lock-ups, or minimum notice period.
This fee-free flexibility, according to Parsons, is the fundamental differentiation between Earn and similar products offered by larger, global exchanges like Binance and Crypto.com.
“Very few global exchanges are offering crypto users the level of interest rates that we are without also having lock-in periods.”
The amount of yield that can be supplied to lenders, according to Swyftx, is ultimately determined by the volatility of the underlying asset. Large-cap stablecoins like USDC and USDT will pay up to 6.7 percent in interest, while core crypto assets like BTC and ETH will pay up to 5.1 percent. Polkadot (DOT), a little more risky asset, is expected to return up to 12.7 percent, while DeFi token KAVA is expected to return up to 25.8 percent.
Earn will also provide yields on TrueAUD (TAUD), a stablecoin pegged to the Australian dollar. On TAUD deposits, users can expect to earn up to 5.3 percent APY.
Swyftx confirmed that Earn’s pricing will be changeable, with a seven-day notification period in the event of any adjustments.
Earn, according to Parsons, will appeal to a wide range of Australian investors. According to a survey conducted by the Independent Reserve’s Cryptocurrency Index in 2021, roughly 28.8% of all adults in Australia own or have owned cryptocurrency.
As Australians grow more comfortable with digital assets, we anticipate to see a surge in the use of crypto wealth services, says Parsons.
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