Now earn interest like bank savings account on your Bitcoin wallet

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

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

This past week, ZebPay announced ZebPay Earn, a new feature enabling customers to earn returns on the cryptocurrencies available in their spot and trading wallets. The company claims to have become the first exchange in India to offer such a feature.

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

The returns will be calculated based on the daily eligible balance as of 5.30 am every day. The earnings cycle will be for the span of a month and the monthly earnings will be credited by the 7th of the following month, the company said.

The minimum earnings paid will be 1 Satoshi per coin. A Satoshi is the smallest unit of a Bitcoin, equivalent to 100 millionth of the token, valued at Rs 0.024 as of now.

“At ZebPay, we are constantly ideating on ways to encourage our users to invest in crypto for the long term to get the best possible returns. We are now enabling ZebPay users to not only continue holding but also continue trading even as they earn 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,” said Avinash Shekhar, Co-CEO, 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 trading wallet balance by default via ZebPay Earn, the company said.

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