Home >Markets >Cryptocurrency >Zebpay introduces made-in-India Matic token on its lending platform

Cryptocurrency exchange Zebpay on Thursday announced that it has introduced Matic token on its lending platform, where investors earn fixed deposit-like returns on their crypto holdings.

The service was launched last month under which investors lend their coins to the exchange, on which they can earn returns, depending on the token and the time period it is loaned for. The exchange had started off the facility with bitcoin (BTC), ether (ETH), tether (USDT) and dai (DAI). Binance coin (BSC), which is the cryptocurrency issued by Binance exchange, was added later.

Depending on the term of deposits, users can generate an annualized yield of up to 3% on bitcoin, up to 7% on ether, up to 7% on dai, up to 9% on Binance Coin and up to 12% on tether. Depositors will get a 6.5% yield on their Matic holdings.

According to Zebpay, through the lending platform HODLers can earn passive returns on top of those gained from a rise in crypto prices.

Lending facility on Zebpay is available in two options — open term and fixed term.

Under the open term, investors will not need to lock-in their crypto and they will earn returns as applicable for the day, with the returns being deposited in the investor’s trading wallet along with the principal amount.

The fixed term allows investors to lend their crypto for seven-day, 30-day, 60-day and 90-day periods, with the rate of return varying for each. In this case, tokens cannot be withdrawn before the end of the term.

Matic tokens, which is the native cryptocurrency of homegrown crypto startup, Polygon, has surged more than 7,000% since the start the year.

In recent times the demand for layer 2 scaling solution is attracting capital inflows, which is, in turn, has been fueling the rise in Matic tokens.

Polygon (formerly Matic Network) was co-founded in 2017 by three Indian software engineers — Jaynti Kanani, Sandeep Nailwal and Anurag Arjun.

The startup is the first well-structured, easy-to-use platform for ethereum scaling and infrastructure development. The company aims to improve usability and convenience of the current decentralized eco-system.

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