Crypto.com reduces trading fees by 80% and introduces high staking rewards to attract more users. This is a different approach than what they had been following for quite a while now. The company says they are doing this to make crypto accessible to everyone with a small to no entry barrier. But, at what cost? They have been quietly laying off hundreds of its employees, citing the crypto market condition right now.
New fees and reward structure of Crypto.com
There are some major fee reductions on crypto.com, and users might even consider shifting to the exchange after getting to know these. Fees in the spot and derivatives market are reduced by up to 80%, with trading fees starting from just 0.075% and 0.034% for these two markets, respectively. There are 0% maker fees, and the gap with the taker fees has been reduced.
Crypto.com has also made it easier to become a VIP trader by contributing 0.1% to the total exchange volume for spot and derivatives. Earlier this number was at 1%.
The CRO staking features and options have also been revamped. Stakers will now have to pay fewer fees and 0% maker fees if they stake over 50,000 CRO. Plus, there will be negative maker fees meaning users will get paid to trade if they stake over 100,000 CRO. The return rates of CRO have also been fixed at 10% compared to the earlier slab rate system. These changes will be applicable for the newly staked CROs and not the ongoing ones.
Layoffs in crypto.com
The exchange has not even been transparent with its employees as even internal team members don’t know what’s going on. There have been statements that they suddenly see someone missing from meetings or groups, which means they have been laid off. The company hired exorbitantly during the 2021 bull run, and now they are looking to get rid of them to reduce costs.
There are even rumors that Crypto.com has already laid off more than 1000 employees while they have officially announced only 260. They are trying their best to prevent any solid numbers from leaking out and have even closed two slack groups that had all the employees to prevent people from tallying the numbers.
What are your thoughts as crypto.com reduces trading fees by 80% but quietly lays off hundreds of employees? Would you like to use such an exchange? Let us know in the comments below. And, if you found our content informative, share it with your friends.
Also Read: Crypto community reacts to Tornado Cash developer Alex Pertsev’s arrest: Petition.