The ongoing bear market is forcing cryptocurrency firms to shift their strategy and implement new initiatives to help them cope with the downtrend. Crypto.com has announced that it will remove 15 cryptocurrencies from the Crypto Earn rewards program.
Crypto.com removes several coins from the Earn program
Among the coins that will be removed from the Crypto.com earn program include Dogecoin (DOGE), Shiba Inu (SHIB), Tezos (XTZ), and FLOW. The exchange has also added Fantom (FTM), NEAR, and Zilliqa (ZIL) to the program.
The Crypto.com exchange has also changed the reward rates on five stablecoins: TAUD, TCAD, TUSD, and USDP (Paxos USD). These stablecoins are pegged to different fiat currencies. However, the platform will retain the reward rates for cryptocurrencies such as Bitcoin, Ethereum, Solana, Polygon, and Avalanche.
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This is among the latest changes the exchange has made amid the bear market. Two weeks back, the exchange announced that it would lay off 5% of its staff because of the ongoing market conditions. The announcement echoed that other exchanges such as Coinbase and Gemini are also laying off staff and freezing hiring to cope with the market downtrend.
The Crypto community gives mixed reactions
The cryptocurrency community has given mixed reactions to this announcement. Some responses requested an explanation on why the exchange had removed DOGE and SHIB from the Earn program. SHIB and DOGE are the two largest memecoins in the market and have a massive following.
Some users also complained about the low-interest rates on the platform. Some responses said that the interest on stablecoins had been lowered again, adding that there was no point in hodling these coins in the app because they derived the same interest as traditional banking. “Not worth to lockup any funds,” one user said.
The majority of the responses were disappointed about this news. Other users have also said that Crypto.com was making positive advancements toward promoting “long-term sustainability.” Exchanges have been facing a tough time following the ongoing recession in the market. Therefore, this move could be Crypto.com’s way of ensuring it overcomes the storm.
The Earn program from Crypto.com allowed users to earn interest from locking up funds on the exchange. The program functions like a decentralized finance (DeFi) offering. The interest paid on these locked tokens is paid by the exchange after a given period.
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