CoinDCX launches ‘Earn’ feature that pays interest on crypto assets

Homegrown crypto exchange CoinDCX, on Thursday, launched its crypto yield program, ‘Earn’, where customers can earn interest on their crypto assets.

The platform will deploy the assets under ‘Earn’ across multiple yield generating opportunities such as margin trading, lending, staking to generate returns. The feature will offers users full flexibility and control on their crypto — with no lock-in periods and withdrawals at any time.

The minimum tenor under the feature is seven days.

At present, the company is offering this feature on 16 crypto currencies. The highest interest will be paid out on Tether (USDT) at 13.05% per annum, followed by USDC Coin (USDC) at 9.50%, Near Protocolt (NEAR) and Dai (DAI) at 8% each.

The interest payout on bitcoin will be up to 4.75% and on Ethereum (ETH) it will be 6.01%.

As per CoinDCX, it is fully committed to safeguarding users’ assets — implementing the strictest asset protection measures to ensure the security of users’ funds.

Sumit Gupta, CEO and co-founder, CoinDCX, said, “With digital assets becoming increasingly mainstream, we’re excited to be able to provide a trusted and accessible way for individuals to earn yield in crypto on their crypto holdings while continuing to keep exposure to the nascent asset class.”

CoinDCX ‘Earn’ is currently available exclusively for waitlist users, with priority access given to users who are high on the waitlist, and the way to move up the waitlist is via referring new users on to ‘Earn’.

The launch of CoinDCX’s ‘Earn’ follows the company’s recent launch of its Crypto Investment Plan (CIP) — a product offering that helps investors invest a fixed amount in crypto at regular intervals.

India’s first crypto unicorn, CoinDCX in March had raised $136 million in Series D funding at a valuation of $2.15 billion, which is roughly double of the last funding round of $90 million at $1.1 billion valuation. This made CoinDCX the most valued crypto company from India, ahead of CoinSwitch Kuber, which was valued at $1.9 billion in October.