An Australian cryptocurrency exchange, Swyftx, which boasts 660,000 customers, aims to launch an educational initiative. According to the firm, the reason was due to the increased demand for crypto education during the bear market.
The cryptocurrency exchange Swyftx is introducing an “Earn and Learn” crypto education platform. This platform aims to incentivize users by offering rewards when they complete courses that cover various cryptocurrency scams.
The Platform Is Set To Launch On September 6
The platform is set to be launched on September 6, coinciding with the increased focus on cryptocurrency-related scams in Australia. Tom Matthews, who holds the position of Head of Corporate Affairs at Swyftx, expressed the reason for the launch of the initiative.
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Matthews disclosed that Swyftx’s objective is to provide the public with improved knowledge and understanding, especially while the cryptocurrency industry remains unregulated. This project aims to enhance people’s comprehension of the cryptocurrency market and decrease their vulnerability to fraudulent activities.
The platform will assist users in recognizing various types of scams, including those involving deceptive tokens, social media schemes like pig butchering, and pump-and-dump schemes.
Mathew also mentioned that there is a degree of frustration within the industry since the term “cryptocurrency scams” is often used broadly to refer to traditional scams that involve digital assets.
Furthermore, the courses will give Swyftx’s users a quick checklist to evaluate tokens. They’ll consider factors like the founding team’s background, tokenomics strength, project weaknesses, and the support and reputation of venture capitalists.
Also, the courses will enable them to understand the financial aspects of crypto projects and understand its objectives and significance.
Swytfx Sets To Reward Participants
For its upcoming project, the first 4,000 individuals who complete the initial fundamental analysis course will receive five Australian dollars ($3.20) worth of Bitcoin (BTC).
Swyftx expects as many as 80,000 Australians to participate in this program and a total potential reward of 100 Australian dollars ($64.30) is available to each participant throughout the next year.
Matthews explained that the growing demand for more educational resources is primarily a result of the increasing grassroots adoption of cryptocurrencies in Australia.
He emphasized that the demand for high-quality educational materials is rising rapidly, and the upcoming market cycle will be driven by knowledge rather than hype. According to him, people are now more aware of the risks associated with token scams or project failures, especially following events like Terra/Luna.
Swytfx is not the only platform that has delved into the educational aspect of crypto interactions. Prominent cryptocurrency exchanges like Coinbase have introduced educational platforms that provide incentives in the form of cryptocurrencies.
Coinbase launched its Coinbase Earn platform in late 2018, offering several alternative cryptocurrencies such as ZRX, ZTX, GRT, and COMP to users who completed brief educational courses related to these specific assets.
Binance also provides opportunities to earn cryptocurrencies through its Academy platform.
Featured image from Pixabay and chart from TradingView.com