CoinSwitch, a crypto-trading platform, has launched ‘EARN’, a feature that enables users to accrue passive income on their crypto holdings.
According to an official release, users can lock-in their crypto through EARN for validation and get rewards in the form of crypto by the blockchain. From what it’s understood, users can lock-in their crypto through one of two validators, namely Blockdaemon and Figment. It’s believed that CoinSwitch EARN, currently, supports four cryptos, which are Solana (SOL), Cardano (ADA), Polygon (MATIC), and Near (NEAR).
Reportedly, the annual reward rates for the EARN program are six to seven percent for SOL, 1.5 to three percent for ADA, four to 5.5 percent for MATIC, and seven to 8.5 percent for NEAR. However, the rates can seemingly change on account of the number of people locking their cryptos and transaction volume on the underlying blockchain.
“I believe CoinSwitch EARN is a transparent program. The rewards are issued by the blockchain, as per its rules. This is a program for our users to monetise their holdings without having to sell,” Balaji Srihari, business head, CoinSwitch, said.
