Swyftx is set to unveil a groundbreaking “Earn and Learn” platform to reward users for completing courses on crypto scams. Scheduled to launch on September 6, this initiative comes when Australia grapples with an increase in crypto-related fraudulent activities.
Tom Matthews, the Head of Corporate Affairs at Swyftx, expressed the platform’s objective to empower the public with knowledge until the crypto industry attains full regulation. It also aims to enhance individuals’ understanding of the crypto market and reduce their vulnerability to fraudulent digital coins.
Matthews highlighted that the platform will educate users about scams involving dubious tokens, online fraud schemes, and pump-and-dump tactics. He emphasised that while cryptocurrency scams do exist, there needs to be more frustration in the industry regarding misusing the term to describe traditional scams involving digital assets.
The courses will equip users with a quick checklist to evaluate tokens based on factors such as the background of the founding teams, tokenomics strengths, project weaknesses, VC support, financials, and project objectives.
Swyftx, boasting 660,000 customers, observed a significant surge in demand for crypto education during the bear market. The first 4,000 individuals who successfully complete the foundational analysis course will receive five Australian dollars in Bitcoin, with 100 Australian dollars in rewards available for each participant over the next year. The platform anticipates participation from up to 80,000 Australians.
Matthews attributed the rising demand for education to the grassroots crypto adoption in Australia, emphasising the importance of quality educational resources in the current environment. He stated that the next market cycle will be driven by knowledge, not hype, and people are far more aware of the risks around token scams or failures.
Zac Povolny, co-founder of Investified, an Australian investor education and research platform and a contributor to some of the courses, emphasised the significance of having the knowledge and skills to distinguish digital assets with genuine utility and long-term viability.
Globally, several major exchanges, including Coinbase and Binance, have launched similar educational platforms with crypto incentives. Coinbase’s initiative, Coinbase Earn, was launched in late 2018, offering various altcoins for completing educational courses, though it often faced high demand.