ZebPay, India’s oldest cryptocurrency exchange on Thursday launched ZebPay Lending Platform — a first of its kind crypto lending model in India. Now, investors can lend their coins to ZebPay and earn returns.
“ZebPay has always encouraged investors to hold on to their crypto for the long-term in order to benefit from the best possible returns. Through the ZebPay Lending Platform, users can earn passive returns on top of those gained from a rise in crypto prices,” said Avinash Shekhar, co-chief executive officer, ZebPay.
How to lend your cryptocurrency:
The lending feature will support Bitcoin (BTC), Ethereum (ETH), Tether (USDT) and Dai (DAI). With the launch of this new ZebPay Lending Platform, investors can lend their crypto for an open term or a fixed term. Under open term, crypto traders will earn returns as applicable for the day. They do not need to lock-in their assets. The returns will be deposited in the investor’s trading wallet along with the principal amount, the cryptocurrency exchange said.
The fixed term allows investors to lend their crypto for 7-day, 30-day, 60-day and 90-day periods, with the rate of return varying for each. Under this, the investors can not withdraw their crypto tokens before the term ends. In case the investor chooses to withdraw early, a penalty will be applied. Once the maturity period is over, the returns earned will be deposited in an investor’s trading wallet along with the principal amount.
“The returns offered on the ZebPay Lending Platform will be calculated directly based on the amount of crypto an investor holds,” the company said. Depending on the term of deposit, users will be able to generate returns of up to 3% on their Bitcoin (BTC), up to 7% on Ethereum (ETH) and Dai (DaI) and up to 12% on Tether (USDT).
“We have always believed that crypto will enable a multi-fold increase to investors’ wealth. With the launch of the ZebPay Lending Platform, we want to give users the opportunity to grow their investments further, by making their existing crypto holdings do all the work.” CEO added.
The lending option has already been launched on the revamped version of the existing ZebPay app. Once users update the app to the latest version, the lending option will automatically show up.
With over 4 million users and over $1 Billion in monthly transaction volumes, ZebPay is India’s widely-used Bitcoin and crypto asset exchange. “Founded in 2014, ZebPay’s mission is to make Bitcoin accessible to Indians using its highly secure and compliant exchange,” the company added.