Crypto.com Cuts Off Doge, Shib, and Other Coins from Earn Program
- Crypto.com joins the list of cryptocurrency exchanges such as Coinbase, Buenbit, Gemini, and Bitso to trim its workforce for the crypto winter.
Crypto.com has revealed that it is eliminating 15 coins from its Crypto Earn incentive program while the bear market persists. Among those being dropped are Dogecoin (DOGE), Shiba Inu (SHIB), Tezos (XTZ), and FLOW, although Zilliqa (ZIL), Fantom (FTM), and NEAR were also added by Crypto.com to the list. The exchange platform offered no reason for this step. It wrote the following in its blog post about the removed coins,
Existing fixed-term allocations for these tokens will remain unchanged and continue until the term ends. Funds from any active flexible-term allocations for the tokens listed above will be automatically returned to users’ Crypto Wallet by 28 June 2022, 10:00 UTC.
Crypto Earn changes effective 27 June 2022:— Crypto.com (@cryptocom) June 27, 2022
✅ $FTM, $ZIL and $NEAR are now available for Crypto Earn
✅ Select tokens no longer available
✅ Revised rewards rates for select stablecoins pic.twitter.com/cqkklGHZC3
The Earn Program is an app feature that allows users to earn interest that is paid in the coin that they stake rather than in USD or other fiat money. The adjustment to the program comes two weeks after the business disclosed that it was letting go of 5% of its workforce owing to the market downturn.
Crypto.com Modifies Reward Rates
As part of its announcement, the popular exchange platform noted that it was modifying the reward rates for five distinct stablecoins, including USDP, TCAD, TUSD, TGBP, TAUD, which are virtual currencies linked to the British Pound, Australian Dollar, Canadian Dollar, and US Dollar. Other crypto reward rates, such as those for Bitcoin, Ethereum, Polygon, Avalanche, and Solana, are unaltered. The platform wrote in the blog post,
The new rates are only applicable to allocations placed on or after the effective date. The reward rates for allocations that have already been placed will remain unchanged, and Crypto.com Private users (Rose Gold, Icy White, and Obsidian cardholders) will still be entitled to an additional 2% p.a. on fixed-term allocations (not applicable to CRO).
There was a range of reactions to the announcement, with several people tweeting that it was a disappointment that incentives for Shiba Inu and Dogecoins were no longer an option. Some others took a swipe at the rates at Crypto.com, noting that they were similar to a traditional bank rate. One user wrote,
Well, it’s simply time to start moving all the asset away from the app, there is really not much point anymore.
Crypto.com said it plans to focus on building and ensuring its safety during the crypto winter. As a result, the platform appears to be trimming its costs.