Now earn interest like a bank savings account on your Bitcoin wallet

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NEW DELHI: As Indian banks and cryptocurrency exchanges continue their love-hate relationship, with some lenders showing a strong aversion to partnering with these exchanges, a crypto exchange has found an innovative way to attract investors .

After launching a product that allows investors to deposit cryptocurrencies like fixed bank deposits to earn interest, ZebPay decided to pay interest on cryptos that investors also keep in their wallets.

Last week, ZebPay announced ZebPay Earn, a new feature that allows customers to earn returns on cryptocurrencies available in their cash and trading wallets. The company claims to have become the first stock exchange in India to offer such functionality.

ZebPay Earn will support income on Bitcoin (BTC), Ether (ETH), Tether (USDT), Polygon (MATIC), Binance Coin (BNB), and Dai (DAI). Returns can be earned on the balance of an investor spot or trading portfolio.

Returns will be calculated based on the Daily Eligible Balance at 5:30 a.m. each day. The income cycle will last for one month and the monthly income will be credited on the 7th of the following month, the company said.

The minimum wage paid will be 1 Satoshi per piece. A Satoshi is the smallest unit of a Bitcoin, equivalent to 100 millionth of the token, valued at Rs 0.024 to date.

At ZebPay, we are constantly looking for ways to encourage our users to invest in crypto for the long term for the best possible returns. We now allow ZebPay users to not only continue to hold, but also to continue trading even if they earn returns on their balance. We want our customers’ coins to continue winning for them in a number of ways, when they are sitting in their wallet, said Avinash Shekhar, co-CEO of ZebPay.

All users will be able to see the list of coins they can earn returns on and their earnings after logging into their account. All registered ZebPay customers, who have completed their KYC, will be eligible to earn returns on their default trading portfolio balance through ZebPay Earn, the company said.

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