Swyftx, one of Australia’s most popular cryptocurrency exchanges, is set to innovate Australia’s markets by offering their new product ‘Earn’, which offers interest-bearing yields on a wide range of cryptocurrency assets. They will be the first Australian-operated centralised cryptocurrency exchange to do so.
In doing so, Australian and New Zealand residents have the ability to earn interest on 21 different digital assets, including large-cap cryptocurrencies such as Bitcoin (BTC), Ether (ETH), Solana (SOL), Cardano (ADA) and stablecoins like Tether (USDT) and USD Coin (USDC).
Swyftx CEO Ryan Parsons said that the exchange’s Earn feature was one of the most competitive in the cryptocurrency industry, as the Brisbane-based company will allow customers to withdraw their assets from Earn at any time with no exit fees, lock-ups or minimum notice period.
Parsons added that this fee-free flexibility is the main differentiator between its Earn product and similar ones offered by larger multinational exchanges such as Binance and Crypto.com, “very few global exchanges are offering crypto users the level of interest rates that we are without also having lock-in periods.”
Swyftx chief executive Ryan Parsons believes Earn is likely to mark the start of a period of sustained cryptocurrency innovation across Australian financial markets.
“At the moment, you’ve got a lot of me-too-type offerings in the market and that makes it appreciably more difficult for Aussies to diversify their portfolios and achieve their goals,” he said.
“We’re looking at significant pockets of traditional finance and thinking ‘you know what, we can do better than you’.
“We’re proud of the fact we’re able to offer a materially different option to all Aussies, not just current crypto users.”
Mr Parsons said he expected Swyftx Earn to attract “a broad cross section” of Australians. Around 25 per cent of adults in the country own, or have owned, cryptocurrency.
“We see Earn as complementing existing options in the retail financial sector,” Mr Parsons said.
“It’s a much-needed alternative for diversification and we’ve worked very hard to make sure it’s secure, flexible and transparent enough to appeal to all Aussies and the full range of risk appetites.”
“Very few global exchanges are offering crypto users the level of interest rates that we are without also having lock-in periods,” said Swyftx Chief Executive Officer Ryan Parsons, adding that “Australia has among the highest levels of crypto adoption in the world and you’re going to see this translate into service offerings that are hyper-competitive.”
Swyftx notes, however, that the feature is not covered by the Australian Government’s Financial Claim Scheme and rates are variable.
“Over the next two to five years, we expect Earn and other crypto innovations to totally transform the way Australians and other nationalities choose to diversify and manage their wealth,” said Parsons.
“Our expectation is that you’ll start to see many more Aussies using crypto wealth services as they become more familiar with digital assets,” he concluded.
The regulatory situation in Australia concerning yield-bearing cryptocurrency deposits is far more relaxed than in the United States. The Securities and Exchange Commission (SEC) is continuing its hard-line stance against cryptocurrency lending and related interest-bearing digital assets.
Exciting times in the Australian cryptocurrency market!
