Crypto.com removes DOGE, SHIB, XTZ from earn program, adding NEAR and FTM

    30 Jun 2022
    75 Views

    Crypto.com announced Monday that it is removing 15 cryptocurrencies from its Crypto Earn rewards program. The crypto exchange is cutting DOGE, SHIB, and 13 other coins but adding ZIL, NEAR, and FTM.

    According to an announcement on June 27, Dogecoin (DOGE), Shiba Inu (SHIB), Tezos (XTZ), and FLOW are among the coins to be removed, while Crypto.com added Zilliqa (ZIL), Fantom (FTM), and NEAR to the list. The company didn’t say in its announcement why it removed those particular tokens.

    Furthermore, Crypto.com is modifying the reward rates for five different stablecoins: TGBP, TAUD, TCAD, TUSD, and USDP (Paxos USD), which are digital assets pegged to the British Pound, Australian Dollar, Canadian Dollar, and US Dollar. Reward rates for other cryptocurrencies like Bitcoin, Ethereum, Polygon, Avalanche, and Solana remain unchanged.

    The news met mixed response, with many users saying on Twitter that it was “a shame” that Shiba Inu and Dogecoin rewards were no longer an option.

    Among the other reactions, some said that the exchange’s interest rates were so low that they were comparable to a traditional bank. “Not worth to lockup any funds!” as one Bitcoin holder said.

    Despite some disappointments by the news, others argued that Crypto.com was making positive strides toward “long-term sustainability.”

    Meanwhile, Cronos (CRO), the utility token of the Crypto.org chain, witnessed a price drop since the update announcement on Earn. As the exchange pulled Dogecoin and Shiba Inu out of the program and revised rates, users slammed the platform for the move.

    Crypto analyst at HueFin evaluated the Crypto.com price chart and believes it is the beginning of the bottom for CRO. There are no indications of a rally in the three-month chart, and the analyst argues that CRO price could plummet lower. However, FXStreet analysts believe there is no rush to scoop up CRO at the current price level.

    The news regarding Crypto Earn changes came just two weeks after Crypto.com announced that it was laying off 5% of its staff due to the “market downturn.”

    Leave a Reply

    Your email address will not be published. Required fields are marked *