Crypto.com takes steps in the bearish market.
Crypto.com a platform for the trade of cryptocurrencies was among the crypto companies, that were hit by the tsunami of crypto crash. The bearish market influenced many of these companies to act on and take hard decisions to survive the market. Many of them went on to lay-off the work force to cut the costs and run the business more efficiently, while others went on to freeze the accounts of the customers, resulting in holding the funds of the customers in the company.
Crypto.com was also among the companies which took a step to sustain the bearish market, which looks in no mood to stop. Crypto.com went ahead to remove some cryptocurrencies from the crypto earn reward program and added a few other cryptocurrencies citing long term stability as the reason.
Crypto.com’s Crypto Earn reward program.
The crypto exchange’s popular reward program coined as Crypto Earn, enables the investors to accrue daily rewards for investing in crypto assets. The crypto exchange offers up to 14.5% rewards on tokens like Tether, Polkadot and Polygon among others.
In the recent awakening of information, it is come to light that, the company has removed some of the top cryptocurrencies such as Shiba Inu and Doge Coin from the program and removed other 13 cryptocurrencies, as of June 27.
In contrast to the news, Crypto.com also announced that it was adding support for three other cryptocurrencies like ZIL, NEAR and FTM. By the end of the week, users will receive their rewards which they can use immediately. In addition, the company also acknowledged that the program is applicable to all the users except the users from Hong Kong, Switzerland or Malta.
The reward rates for five distinct stablecoins, including TGBP, TAUD, TCAD, TUSD, and USDP (Paxos USD), which are virtual currencies linked to the British Pound, Australian Dollar, Canadian Dollar, and US Dollar, are also changing on Crypto.com. Other cryptocurrencies’ reward rates, such as those for Bitcoin, Ethereum, Polygon, Avalanche, and Solana, are unaltered.
Mixed Response on the call from Crypto.com
Many users in Twitter called out the decision of the crypto exchange as “shame” as the cryptocurrencies, Shiba Inu and Doge Coin were removed. Others exclaimed that the interest rates were too low that the company was offering rates similar to a traditional bank. Some of them came in support of the news, arguing that, Crypto.com was making positive strides toward “Long Term Sustainability.”