A crypto exchange has launched a new tool that pays interest on dozens of cryptocurrencies.

CoinZoom says it is striving to be more than a crypto exchange for its customers — delivering an environment where they can invest and spend their assets, and watch them grow.

The new feature, which is called CoinZoom Earn, is being rolled out in the coming weeks. No fees are charged when crypto balances are transferred to this tool. Interest is accrued daily and compounds on a monthly basis — with interest payments set to be made regularly.

These returns can either be redeemed, reinvested or spent using CoinZoom’s debit card, which also offers crypto rebates once purchases are made.

CoinZoom’s CEO, Todd Crosland, explained: “Through our platform, users can do so much more than just invest in crypto. We’ve created an opportunity to spend crypto at 53 million merchants worldwide, send crypto overseas to friends and family for free, and now earn interest on their crypto holdings. With CoinZoom, users are getting the full crypto experience on a secure and compliant exchange.”

More than 40 cryptocurrencies are supported through CoinZoom Earn, and interest rates of up to 7.5% are on offer.

A secure one stop shop

Based in the U.S., CoinZoom says that it now has customers in 192 countries.

Beyond its new Earn functionality, a peer-to-peer payments system called ZoomMe allows fiat and crypto to be sent instantly around the world for free — offering a powerful alternative to expensive remittance providers.

CoinZoom has been registered as a money services business with FinCEN in all 50 U.S. states and territories, and subsidiaries have also been established in Ireland and Australia.

As previously reported by Cointelegraph, CoinZoom also offers a fiat on-ramp and fees of just 0.20% for makers and 0.26% for takers, with significant discounts available.