Crypto.com has announced to remove 15 cryptocurrencies including Dogecoin (DOGE), Shiba Inu (SHIB) and Tezox (XTZ) from its rewards program. Moreover, it will add some new crypto tokens in its rewards program that involves Ziliga (ZIL), Fantom (FTM), and Near Protocol’s NEAR sooner.
However, the reward rates for popular and biggest cryptocurrencies Bitcoin (BTC), Ethereum (ETH), Polygon (MATIC), Avalanche (AVA), and Solana (SOL) will remain unchanged. Crypto.com has taken the decision to change and modify the reward rates of other five stablecoins: TGBP, TAUD, TCAD, TUSD, and USDP. These stablecoins are digital assets which are pegged to the British Pound, Australian Dollar, Canadian dollar, and U.S. dollar respectively.
The revised reward rates will soon be effective from 27 June 2022 with addition of new tokens. According to the latest post by Crypto.com, users will enjoy rates of up to 5% per annum for FTM, 6% p.a. for ZIL and NEAR tokens. For the already allocated tokens, the reward rates will remain unchanged, while the elite users of Rose Gold, Icy White, and Obsidian holding cards will enjoy an additional 2% p.a. on fixed-term plans.
With new modifications, Crypto.com attracted many criticisms and disappointments but the goal behind the revised rates is only long-term sustainability. All the exchanges and crypto businesses are taking considerable steps for their own stabilization and resilience. Unfortunaly, just like Coinbase, Crypto.com is also forced to lay off 5% of its workforce because of market downturn.