DeFi platform Coinchange this week launched early access to their High Yield Account, which allows users to earn passive income on deposited crypto.
The High Yield Account generates earnings for users by funding liquidity pools. dApps charge fees for every exchange made using those pools, which Coinchange collects and returns as yield. The company claims users could earn up to a 25 per cent annual return.
Coinchange, which is regulated in Canada and accepted in 33 American states, accepts deposits of USD, USDC and USDT into High Yield Accounts. Their roadmap includes BTC and ETH.
“We have two goals at Coinchange,” CEO Maxin Galash said. “The first goal is to make sure our customers earn money. The second is to be the highest-yield, easiest to use DeFi platform in the world. Since we are already succeeding at the first goal, we want to open the platform up for users while we start on our path toward achieving the second.”
“Our customers can worry less about their deposited crypto and more about what they are planning to spend their returns on.”
In June Coinchange announced no fees on trades between BTC, ETH, USDT and USDC for Early Access users, so customers can cheaply buy and exchange crypto to deposit into their High Yield Accounts.
“It’s an exciting time to become a Coinchange user,” Coinchange CMO Peter Valin said. “We invite you to join the Early Access period and start earning yield while making your voice heard about what comes next for the platform. Feature requests, roadmap feedback and exclusive chats with our leadership team are some of the benefits that Early Access users will see.”
Coinchange was founded in 2018.