ZebPay launches ‘Earn’ feature that pays returns on HODLing crypto
In a first for a cryptocurrency exchange, ZebPay on Thursday launched the ‘Earn’ feature that enables customers on its platform to earn returns on crypto they hold in their spot and trading wallets. HODL stands for Hold on for Dear Life, which suggests that one is holding onto their cryptocurrencies despite the price dips.
On launch, ZebPay Earn will support earnings on bitcoin (BTC), ether (ETH), tether (USDT), polygon (MATIC), binance coin (BNB), and dai (DAI). The feature will deliver 7.5% interest on USDT; 2% each on DAI and ETH; 1.5% on BNB; and 1% each on BTC and MATIC.
Under the facility, returns will be earned on the balance in an investor’s spot or trading wallet and even in pending ask (sell) orders. The earnings will be calculated based on the daily eligible balance as at midnight every day.
According to the company, the earnings cycle will be for the span of a whole month and the monthly earnings will be credited by the 7th of the following month.
The minimum earnings paid will be 1 satoshi per coin, which is the smallest unit of bitcoin (1 satoshi = 0.00000001 BTC). The unit is named after the creator of bitcoin, Satoshi Nakamoto.
In May, ZebPay had launched Lending Platform, which allows users to lend their crypto to ZebPay and earn returns based on the coin and its lending period. ZebPay Earn allows users to continue trading their coins, whereas users cannot trade the coins lent with the ZebPay Lending Platform before maturity.
“With Earn, we are removing the threshold of having to lend one’s crypto for a certain amount of time. We are now enabling ZebPay users to not only continue holding but also continue trading while earning 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. We want to look out for every customer HODLing their coins for long-term returns as well as those short-term customers trading on our exchange daily,” said Avinash Shekhar, Co-CEO, ZebPay, which is India’s oldest crypto asset exchange, with over four million users.
Registered ZebPay customers, who have completed know your customer (KYC) will be eligible to earn returns on their trading wallet balance by default via ZebPay Earn.
In ZebPay Lending Platform, users generate an annualized yield of up to 3% on bitcoin, up to 7% on ether, up to 7% on dai, up to 9% on binance coin and up to 12% on tether. Depositors get a 6.5% yield on their MATIC holdings.
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