Mudrex Announces Rewards for Crypto Holders via New ‘Earn’ Initiative: Details

Technology



Mudrex, a Web3 company that offers crypto investment services, announced a new reward initiative for its user base in India on Tuesday, June 11. Called “Earn”, this service will allow Mudrex users to earn up to 10 percent annual income from their crypto holdings without any lock-in period. India's crypto community is taking gradual steps to engage with the sector given the nation's skeptical approach to digital assets. Mudrex's new initiative appears to be a move aimed at retaining Indian users on its platform.

In the first phase of the deployment of this service, Mudrex has listed 50 cryptocurrencies, including Bitcoin, Ether Solana, Cardano and Polygon, holding which can earn up to ten percent in rewards for holders. The reward percentage for holding each of these different cryptocurrencies is different.

“To participate in Earn, users must maintain a minimum balance of eligible coins in their Mudrex wallets. By participating in a combination of short-term ventures such as margin financing and fund allocation in secure and long-term DeFi protocols, Mudrex aims for a steady stream of fixed annualized returns from 0.023 percent maximum to 10 percent of its investments,” the company. he said in his statement.

The crypto community in India has grown to a user base of 19 million, according to a CoinSwitch report estimated in December last year. Almost 75 percent of cryptocurrency holders were between the ages of 18 and 35. However, due to India's crypto tax laws, the density of India's crypto user base is prone to see ups and downs.

In a separate report the same month, WazirX claimed it saw a 90 percent drop in crypto trading volume as India awaited clarity on regulatory rollouts.

Crypto earnings in India are taxed at up to 30 percent. The government also levies one percent TDS on every crypto transaction, a rule that has stirred up negative sentiments among the investor community since it came into existence in 2022. Despite several pleas from the finance ministry, these crypto laws remain without changes in the country. This situation has led many crypto players in India to come up with special offers that could keep their users connected to their platforms.

For example, in November 2023, Indian crypto exchange CoinSwitch launched its own “Earn” feature, to allow users to “lock” their crypto assets and earn rewards in the form of cryptocurrencies. The platform had said at the time that this was the exchange's way of allowing its users to monetize their holdings without having to sell.

Speaking about Mudrex's decision to launch this initiative, its CEO Edul Patel said, “We aim to empower our users to maximize their crypto earnings by eliminating fees and simplifying the process.”

According to the company, the beta phase of the Earn program has already managed to attract more than 5,000 users.

“We also plan to expand the range of supported coins, continuously improving the value proposition of our platform for users,” Patel added.


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