Australian cryptocurrency exchange Swyftx is introducing an “Earn and Learn” educational platform to reward users for completing courses that cover various crypto scams. The platform aims to equip the public with crypto knowledge, particularly related to scams, as the industry awaits full regulation. The courses will help users identify scams, understand the crypto market, and reduce their susceptibility to fraudulent schemes.
Combatting Crypto Scams
Swyftx’s educational platform will cover a range of scams, including fraudulent tokens, pig butchering schemes, social media cons, and pump-and-dump schemes. It will also provide users with a checklist to assess the utility of tokens, considering factors like the project’s team, tokenomics, financials, VC backing, and project goals.
Matthews said that the demand for more education has been largely driven by the high level of grassroots crypto adoption in Australia, adding:
“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.”
Growing Demand for Crypto Education
Swyftx identified a significant increase in demand for crypto education during bear markets. The platform plans to reward users with Bitcoin for completing courses. The first 4,000 people who complete the fundamental analysis course will receive $3.20 in Bitcoin, with up to $64.30 in total rewards available per participant over the next year. Swyftx anticipates up to 80,000 Australians will participate.
“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.”
Educational Initiatives in the Crypto Industry
Swyftx joins other cryptocurrency exchanges like Coinbase and Binance in launching educational platforms with crypto incentives. These initiatives aim to educate users about cryptocurrencies, blockchain technology, and the risks associated with the crypto market while promoting safe and informed investment decisions.