decrypt.co
As the bear market continues, Crypto.com announced Monday that it is removing 15 cryptocurrencies from its Crypto Earn rewards program.
Dogecoin (DOGE), Shiba Inu (SHIB), Tezos (XTZ), and FLOW are among those being removed, but Crypto.com added Zilliqa (ZIL), Fantom (FTM), and NEAR to the list.
Crypto.com is also 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 company didn't say in its announcement why it removed those particular tokens; Decrypt has reached out for further comment.
Crypto Earn changes effective 27 June 2022:
✅ $FTM, $ZIL and $NEAR are now available for Crypto Earn
✅ Select tokens no longer available
✅ Revised rewards rates for select stablecoins pic.twitter.com/cqkklGHZC3— Crypto.com (@cryptocom) June 27, 2022
Response to the news was mixed, with many users saying on Twitter that it was “a shame” that Shiba Inu and Dogecoin rewards were no longer an option.
Others said that the exchange’s interest rates were so low that they were comparable to a traditional bank. “Not worth to lockup any funds!” One Bitcoin holder said.
While many were disappointed by the news, others argued Crypto.com was making positive strides toward “long term sustainability.”
Crypto.com’s Crypto Earn changes come just two weeks after the company announced that it was laying off 5% of its staff due to the “market downturn.”