Crypto-trading platform CoinSwitch has 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. Users have two options for locking in their cryptocurrency: Figment or Blockdaemon.
- Also read: CoinSwitch launches API trading
Key features
CoinSwitch said it has selected these validators after analysing their track record, uptime, on-chain performance, and more. Key statistics of the validators like annual reward percentage and uptime are readily available on the app for users to make the right decision. Annual reward rate refers to the percentage of rewards that users will get annually on their locked in crypto.
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 monetise their holdings without having to sell.”
CoinSwitch EARN, currently, supports four cryptos: Solana (SOL), Cardano (ADA), Polygon (MATIC), and Near (NEAR). The annual reward rates for the EARN program are Solana (SOL) at 6-7 per cent, Cardano (ADA) at 1.5 - 3 per cent, Polygon (MATIC) at 4 - 5.5 per cent and Near (NEAR) at 7 - 8.5 per cent.
On CoinSwitch, users will only be offered the EARN feature for crypto assets of blockchains that follow Proof-of-Stake (PoS) consensus. Crypto assets such as Bitcoin that follow Proof-of-Work consensus are excluded.