Swyftx is one of Australia’s largest crypto exchanges and has become the first one to offer customers fee-free yields on cryptocurrency deposits. As the first-of-its-kind Australian crypto exchange, Swyftx will offer interest-bearing yields on a variety of cryptocurrencies.
The company has announced its new “Earn” product, providing Australian and Kiwi residents with the option to earn interest on 21 different currencies. The earn function will function similarly to what is available at other global crypto exchanges like Binance and Coinbase.
Swyftx Offers Complete Service
Not an area of the world closely associated with the crypto industry, citizens residing in Australasia now have an Australian-operated service. The new earning system will be available with various major cryptocurrencies available, including coins like Bitcoin (BTC), Solana (SOL), Cardano (ADA), USDT (USDT), and USD Coin (USDC).
The CEO of Swyftx Ryan Parsons claimed that the exchange’s “Earn” product will be one of the most competitive in the industry. A bald calm, but with customers able to withdraw their funds from Earn at any time without incurring fees, lock-ups or minimum notice period, there is certainly an opportunity for this Swyftx to find a niche in the market.
Parsons was enthusiastic about the fee-free aspect of the service, stating “Very few global exchanges are offering crypto users the level of interest rates that we are without also having lock-in periods.”
Offering varying rates of yield on different coins, largely depending on their popularity—with BTC and ETH up to 5.1% and the DeFi network Polkadot (DOT) up to 12.7%—users are able to a significant return from staking on the new Swyftx product.
The Potential In The Australian Market
Swyftx CEO Parsons went on to explain that he expects the Earn to appeal to a variety of Australian crypto holders and investors. This is a sensible claim, given that around 28.8% of all adults in Australia own or have owned crypto assets, according to a 2021 survey.
Parsons went on to say “Our expectation is that you’ll start to see many more Aussies using crypto wealth services as they become more familiar with digital assets,” and that “We’re looking at significant pockets of traditional finance and thinking ‘you know what, we can out-compete you.’”
Given the current economic climate in Australia, the concept of earning funds is going to be very appealing. If companies like Swyftx can reach their audience, then they could see great success in the region.