CryptoCom Removes DOGE, SHIB, and 13 Other Altcoins From Earn Program
On Monday Crypto.com removed 15 altcoins including Dogecoin and Shiba Inu from its crypto Earn program.
Also revised the interest rates of 5 Stablecoin and added three new coins to the reward program.
Crypto Earn program the company offers up to 10% on Stablecoin and up to 14.5% on cryptocurrencies deposits, it provides support for over 40 assets.
“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.com said in an announcement.
Other crypto coins that were removed from its Earn program are Tezos, Maker, Flow, Kyber Network Crystal v2, EOS, OMG Network, ICON, Compound, Gas, Stratis, and Bancor, Beey Finance, Ontology Gas.
The crypto trading platform added three new coins Zilliqa, Fantom, and NEAR to the Crypto earn rewards program,
“Users can now enjoy rewards rates of up to 5% p.a. for FTM, and 6% p.a. for ZIL and NEAR. We will also be revising the reward rates for select stablecoins,” it said.
The trading platform is laying off a portion of its workforce given the current market downturn. Other media reports said the layoff would be in the range of 5% impacting at least 260 employees.
Crypto.com received principal approval from the Monetary Authority of Singapore to provide Digital Payment Token service and different other settlement solutions.
The exchange also changed the reward rates for five Stablecoins TGBP, TAUD, TCAD, TUDS, and USDP.
“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,” it clarified.
Crypto.com Private users holding Rose Gold, icy white, and Obsidian cards will continue to earn an extra 2 % per annum on fixed-term allocations.
The company has not changed the crypto earn reward rates for 28 coins that include Bitcoin, Ethereum, Polygon, Avalanche, and Solana these will continue to earn up to 14.5%
The exchange didn't offer any clarification as to why it removed these 15 coins from the Crypto earn rewards program which provides savings accounts like interest rates on deposits for flexible and fixed tenures.