Australian crypto exchange Swyftx said it had identified a rise in demand for crypto education during the bear market as the reason for its launch.
Australian crypto exchange Swyftx is launching a new “Earn and Learn” crypto education platform, aimed at rewarding its users for completing courses covering an array of crypto scams.
The new educational platform will launch on Sept. 6 and comes amid heightened attention over crypto-related scams in Australia.
Swyftx’s head of corporate affairs, Tom Matthews, said the aim is to better equip the public with knowledge until such a time the industry is fully regulated. It would also serve to help people better understand the crypto market and reduce their susceptibility to scam coins.
In comments to Cointelegraph, Matthews said that the platform will help users identify different scams such as those involving spurious tokens, social media scams such as pig butchering, and pump-and-dump schemes.
“Cryptocurrency scams exist but there’s frustration within the industry around how often this term is bandied about when what people are actually talking about are traditional scams, which happen to involve digital assets.”
Additionally, the courses will give users an “at a glance” checklist to consider when looking at tokens to assess their utility, he said, adding:
“This includes areas like the background of their founding teams, the strength of their tokenomics, any weaknesses in the project, the strength and profile of their VC backing, the financials and tokenomics, and understanding the project’s goals and relevance.”
The exchange, which claims to have 660,000 customers, identified a big rise in demand for crypto education during the bear market.
The first 4,000 people to successfully complete the first course on fundamental analysis will receive $3.20 (5 Australian dollars) in BTC with $64.30 (100 Australian dollars) in total rewards available to each participant over the next 12 months.
The firm is anticipating up to 80,000 Australians to participate, he said.
Meanwhile, Matthews added that the demand for more education has been largely driven by the high level of grassroots crypto adoption in Australia, before commenting:
“The demand for quality educational resources is close to exponential at the moment. The next market cycle will be driven by knowledge, not hype and people are now far more aware of the risks around token scams or failures in the wake of Terra/Luna.”
Zac Povolny, co-founder of Australian investor education and research platform Investified, who is contributing to some of the courses said, “With thousands of digital asset opportunities to invest in, it's important to have the skillset and education to cut through and identify assets with real utility and staying power.”
Many lack the fundamentals necessary for a sustainable project, he added.
Globally, several major exchanges such as Coinbase have launched similar educational platforms with crypto incentives. Binance also offers crypto-earning opportunities through its Academy section.
Coinbase Earn went live in late 2018 offering a handful of altcoins such as ZRX, ZTX, GRT, and COMP for completing short educational courses on the respective assets, however, it was often over-subscribed at the time.