While the financial institutions and crypto exchanges love-hate relationship continues in India, one of the crypto trading platforms found an innovative way to attract more investors.
According to a report by The Economic Times, ZebPay, one of India’s leading crypto exchanges, recently announced to introduce a ZebPay Earn feature on its platform to offer its customers a return on their holdings in the wallet.
While doing so, the company claimed that it would be the first crypto exchange in India to introduce such a new feature on its platform.
Bitcoin, Ethereum, Tether, Polygon, Binance Coin and Dai are the few tokens on the platform, whose earnings would be supported by ZebPay Earn.
The Indian crypto exchange, in its announcement, mentioned that the investors can earn returns on the spot or trading balance.
Every day at 5.30 am (IST), after calculating the daily eligible balance, ZebPay will find the returns on the crypto holdings. The earning cycle will be operated for a month and following that, on the 7th of every month, the earnings will be credited to the user’s account.
The company has stated that it will pay a minimum of 1 Satoshi per coin to the investors for their earnings on deposits.
Satoshi, the smallest unit of Bitcoin, is equal to 100 millionth of the tokens and presently its value is $0.00032 (Rs.0.024)
A few weeks ago, the exchange also launched a service that allows investors to deposit their cryptocurrencies like a fixed deposit in a bank.
While talking about ZebPay Earn, the Co-CEO of ZebPay, Avinash Shekhar, stated, “At ZebPay, we are constantly ideating on ways to encourage our users to invest in crypto for the long term to get the best possible returns. We are now enabling ZebPay users to not only continue holding but also continue trading even as they earn returns on their balance. We want our customers’ coins to continue to earn for them in more than one way, as they sit in their wallets.”
The users will be able to check the returns and earnings on their coins by logging into their ZebPay wallet account.
Notably, the registered members on ZebPay, who have completed their KYC, are eligible to earn returns on the trading balance through ZebPay Earn.