CoinDCX now supports 16 crypto currencies with this capability. Tether (USDT) will pay the highest interest rate of 13.05 percent each year, followed by USDC Coin (USDC) at 9.50 percent, Near Protocolt (NEAR), and Dai (DAI) at 8% apiece.
On Thursday, CoinDCX, India’s most valuable crypto business, unveiled its ‘Earn’ crypto yield initiative, in which consumers may earn interest on their crypto assets.
To create returns, the platform will deploy the assets under ‘Earn’ across a variety of yield-generating options such as margin trading, lending, and staking. With no lock-in periods and withdrawals at any moment, the functionality provides customers with complete flexibility and control over their cryptocurrency.
The tenor must be at least seven days.
This capability is currently available on 16 crypto currencies, according to the business. Tether (USDT) will pay the highest interest rate of 13.05 percent each year, followed by USDC Coin (USDC) at 9.50 percent, Near Protocolt (NEAR), and Dai (DAI) at 8% apiece.
Bitcoin (BTC) will pay up to 4.75 percent interest, while Ethereum (ETH) will pay up to 6.01 percent.
CoinDCX claims to be entirely committed to protecting its users’ assets, using the toughest asset protection methods to assure the safety of their funds.
Sumit Gupta, CEO and co-founder, CoinDCX, stated, “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 presently only available to waitlist users, with preferential access provided to those who are at the top of the queue, and the only way to progress up the queue is to recommend new users to ‘Earn.’
What is CoinDCX?
India’s first crypto unicorn CoinDCX, founded in 2018, brings investing and trading solutions for crypto-based financial products for retail, HNI, and enterprise buyers. Its products cover CoinDCX, CoinDCX Pro, DCX Learn, Cosmex. The exchange is insured by BitGo and certified by ISO.
CoinDCX is the only platform that has raised funding in three different rounds in less than a year compared to other crypto spaces in India. Overall, it has raised $19 million. Polychain Capital, Bain Ventures, Bitmex, Coinbase Ventures, DG, Jump Capital, Uncorrelated Ventures, Mehta Ventures, and Alex Pack are the primary investors interested in CoinDCX.
Currently, DCX has 100 employees that are three times more than last year’s workforce. By the end of 2021, the company plans to have around 200 staff in total. The startup also launched its crypto product named Insta that saw a growth of 38% in the last two years. In terms of liquidity, CoinDCX is the largest crypto exchange platform in India.