Mudrex Announces Rewards for Cryptocurrency Holders Through New “Earn” Initiative: Details

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

In the first phase of implementing this service, Mudrex has listed 50 of them cryptocurrencies including Bitcoin, Ether Solana, Cardano and Polygon, holdings that can earn up to 10% 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 supported coins in their Mudrex wallets. Engaging in a mix of short-term initiatives such as margin financing and allocating funds to long-term security DeFi protocols, Mudrex seeks a steady stream of annualized fixed returns of as low as 0.023% to as high as 10% on its investments,” the company said in its statement.

According to a report, the crypto community in India has grown to a user base of 19 million CoinSwitch he had estimated in December last year. Nearly 75% of cryptocurrency holders were between the ages of 18 and 35. Due to India’s cryptocurrency taxation laws, however, the density of India’s crypto user base is prone to seeing ups and downs.

In a separate report from the same month, WazirX claimed which saw a 90% drop in cryptocurrency trading volume as India awaited clarity on regulatory implementations.

Crypto income in India is taxed up to 30%. The government also charges 1% TDS on every crypto transaction, a rule that has sparked negative sentiments in the investment community since its implementation in 2022. Despite numerous pleas to the finance ministry, these cryptocurrency laws remain unchanged in the country. This situation has led many cryptocurrency operators in India to come up with special offers that could keep their users connected to their platforms.

For example, in November 2023, Indian cryptocurrency exchange CoinSwitch has launched its own “Earn” feature, to allow users to “lock” their crypto assets and earn rewards in the form of cryptocurrencies. The platform 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: “Our goal is to enable our users to maximize their cryptocurrency earnings by eliminating fees and simplifying the process.”

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

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

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