Swyftx, the Australian cryptocurrency exchange, is introducing an innovative “Learn and earn” crypto education platform. This initiative aims to reward users for successfully completing courses that cover various cryptocurrency scams. The platform is scheduled to launch on September 6, and it coincides with a growing concern over cryptocurrency-related scams in Australia.
Furthermore, Tom Matthews, the Head of Corporate Affairs at Swyftx, has stated that the main objective is to empower the public with knowledge. This goal remains pertinent until the cryptocurrency industry attains full regulation.
Additionally, the platform aims to improve individuals’ comprehension of the crypto market, thereby diminishing their susceptibility to fraudulent schemes involving digital assets. Matthews emphasized that the platform’s purpose is to assist users in identifying a range of scams. These may include deceptive tokens, fraudulent social media promotions, and pump-and-dump schemes.
He highlighted a common frustration within the industry: the frequent interchangeable use of the term “cryptocurrency scams” with traditional scams that happen to involve digital assets.
Swyftx’s ‘Learn and Earn’ Program: Cryptocurrency Education and Market Insights
Moreover, these courses will furnish users with a concise checklist for assessing tokens. This checklist will consider essential factors, including the project’s founding team, the strength of tokenomics, and project weaknesses. It will also assess the credibility of venture capital backing, financial aspects, and the project’s objectives and relevance.
Swyftx, boasting 660,000 customers, observed a substantial increase in demand for cryptocurrency education during bear markets.
As part of the program, the first 4,000 individuals who successfully complete the foundational analysis course will receive five Australian dollars ($3.20) in Bitcoin. Participants can potentially earn a total of 100 Australian dollars ($64.30) in rewards over the next 12 months. The company anticipates participation from up to 80,000 Australians.
Educational Shift in Cryptocurrency: From Hype to Knowledge
Notably, Matthews highlighted that the surge in demand for education stems from the widespread adoption of cryptocurrencies in Australia. He noted that the next market cycle will be driven by knowledge rather than hype, as people have become more aware of the risks associated with token scams or project failures.
Zac Povolny, co-founder of the Australian investor education and research platform Investified, who is also contributing to some of the courses, emphasized the importance of having the skills and education to distinguish assets with genuine utility and longevity from the multitude of digital asset opportunities available.
Globally, several major exchanges, including Coinbase and Binance, have introduced similar educational platforms offering cryptocurrency incentives to users. Coinbase’s Earn program, launched in late 2018, provided users with various altcoins for completing educational courses on specific assets, although it often experienced high demand.