Australian crypto exchange Swyftx is set to unveil its new “Earn and Learn” crypto education platform on September 6. The platform is designed to educate users about various crypto scams and reward them for completing courses. Swyftx aims to equip the public with essential knowledge about cryptocurrencies and scams as the industry awaits full regulation.
Cryptocurrency education on the rise
In response to the growing demand for cryptocurrency education, Australian crypto exchange Swyftx is launching an innovative initiative called “Earn and Learn.” The program’s primary goal is to educate users about crypto scams, ultimately enhancing their understanding of the crypto market and reducing their vulnerability to fraudulent schemes.
The launch of this educational platform comes at a time when Australia is witnessing increased attention on cryptocurrency-related scams. Swyftx, which boasts 660,000 customers, identified a surge in demand for crypto education during bear market phases when investors are particularly concerned about the security of their investments.
Swyftx’s head of corporate affairs, Tom Matthews, emphasizes that the “Earn and Learn” platform aims to empower the public with essential knowledge about cryptocurrencies and scams until the industry achieves complete regulatory clarity. Additionally, the platform seeks to help individuals distinguish between traditional scams and those involving digital assets.
Identifying and preventing scams
The “Earn and Learn” platform will offer a range of courses covering various crypto scams, including spurious tokens, pig butchering schemes, social media cons, and pump-and-dump schemes. Participants will learn how to identify these scams and protect themselves from falling victim to fraudulent activities in the crypto space.
Matthews explains that one of the critical features of the courses will be an “at-a-glance” checklist to assess the utility of tokens. This checklist will include factors such as the background of the project’s founding team, the strength of tokenomics, project weaknesses, the quality of VC backing, financials, tokenomics, and the project’s goals and relevance.
Incentives for crypto education
Swyftx is committed to encouraging crypto education and will reward users for completing courses. The first 4,000 individuals who complete the initial course on fundamental analysis will receive five Australian dollars ($3.20) in Bitcoin. Participants can earn up to 100 Australian dollars ($64.30) in rewards over the next 12 months. The exchange anticipates that up to 80,000 Australians will participate in this educational initiative.
Matthews attributes the growing demand for cryptocurrency education to Australia’s rapid grassroots crypto adoption. He notes that knowledge will be crucial in the following market cycle, emphasizing that “the next market cycle will be driven by knowledge, not hype.” People are becoming increasingly aware of the risks associated with token scams or project failures in the wake of incidents like the Terra/Luna.
Zac Povolny, co-founder of the Australian investor education and research platform Investified, is contributing to some of the courses on the Swyftx platform. Povolny emphasizes the importance of having the skills and knowledge to identify digital assets with real utility and staying power, especially given the numerous digital asset opportunities available for investment. He highlights that many crypto projects need more fundamentals for long-term sustainability.
Global trends in crypto education
Swyftx is not alone in recognizing the need for cryptocurrency education. Globally, major cryptocurrency exchanges such as Coinbase and Binance have launched similar educational platforms that incentivize users to learn about cryptocurrencies. Coinbase introduced Coinbase Earn in late 2018, allowing users to earn various altcoins by completing short educational courses on those assets. Although this initiative was well-received, it faced high demand, often leading to over-subscription.
Conclusion
Swyftx’s “Earn and Learn” initiative represents a significant step in the ongoing efforts to educate the public about cryptocurrencies and protect them from crypto scams. As the crypto industry continues to evolve, knowledge and awareness will be essential in ensuring a safer and more secure environment for crypto enthusiasts and investors in Australia and beyond.
