Unlocking Crypto Earnings Down Under

Swyftx, the Australian-operated cryptocurrency exchange, is stepping up the game by introducing their new feature called Earn. This allowing users in Australia and New Zealand to earn interest on a staggering 21 different digital assets. We’re not just talking about Bitcoin (BTC) or Ethereum (ETH)—expect some big players and stablecoins in the mix too!

Interest Rates That Make You Go ‘Wow’

Hold on tight! Swyftx is offering some hefty interest rates—for real! Here’s the lowdown:

• Stablecoins such as Tether (USDT) and USD Coin (USDC) can fetch up to a competitive 6.7%.
• Big hitters like BTC and ETH? A cool 5.1%.
• Feeling adventurous? Try Polkadot (DOT) with returns of up to 12.7%. And for the wild-at-heart, Kava (KAVA) might just blow your socks off with up to 25.8%!

The cherry on top? Earn will also let you make money on TrueAUD (TAUD), an Aussie-pegged stablecoin, with yields of up to 5.3%. That’s not just chump change!

Flexibility: The Name of the Game

Swyftx’s CEO, Ryan Parsons, was pretty clear: the Earn feature is all about liquidity and zero hassle. You can withdraw your assets at any time without worrying about pesky exit fees or notice periods. This flexibility is like the cherry on an already loaded sundae—especially against competing platforms like Binance and Crypto.com that could teach a course in lock-in periods.

“Very few global exchanges are offering users the levels of interest rates that we are without also having lock-in periods.” – Ryan Parsons

Aussie Crypto Audience is Growing

According to a 2021 survey, nearly 28.8% of Australian adults have dabbled with cryptocurrency. As more individuals catch on to the benefits of digital assets, Swyftx anticipates an uptick in the use of crypto wealth services. Parsons believes that there’s a significant market ripe for disruption, particularly among traditional financial institutions.

Playing Catch-Up with Fintech Giants

While Swyftx is the first Aussie exchange to offer interest on deposits, they’re not alone for long! Other players like Block Earner and Finder are not far behind with their earning products. Finder, for instance, promises a generous 4.01% p.a. on TAUD deposits and just announced a 6.01% bonus for hefty deposits. Hello, new favorite savings account!

Regulation: A Breath of Fresh Air

Unlike their counterparts in the U.S., Australian authorities seem to be taking a more relaxed stance on yield-bearing crypto products, which is music to the ears of local exchanges. Meanwhile, the SEC in the U.S. is doing its usual hard-line dance, recently investigating several crypto platforms for their high-yield offers. Maybe they should take a trip down under for some pointers!