Crypto.com (CRO) has just lowered the interest rates on Earn savings plans. The rates offered on stablecoins, Bitcoin (BTC), Ether (ETH) and several other crypto-currencies have dropped drastically. The drop affects all users. At the same time, the platform announces a reward system based on the amount of locked currencies.
Crypto.com lowers interest rates for Earn savings on several cryptocurrencies
Crypto.com (CRO) has just announced some bad news to its users. In an email, the cryptocurrency exchange platform announces the reduction of interest rates on the Earn savings plan for several crypto-currencies. We received the email this Saturday, March 26, 2022.
As a first step, Crypto.com is lowering the return offered on stablecoin deposits (USDT, USDC, DAI, PAX, TUSD, TAUD, TCAD, and TGBP) and 5 other popular crypto-currencies: Bitcoin (BTC), Ether (ETH), Terra (LUNA), eGold (EGLD) and Cosmos (ATOM). This decrease went into effect on March 26.
From now on, users who have deposited between 0 and 350 euros of CRO (Midnight Blue or Ruby Steel card) on the platform will have to make do with a maximum return of 6% per year on their stablecoins. A flexible deposit, which can be claimed at any time, will only offer a 1.5% interest rate. A one-month locked deposit guarantees a 3% rate, compared to 6% for a 3-month deposit. Previously, a 3-month deposit offered 10% interest.
Users with a Royal Indigo/Jade Green, Frosted Rose Gold, Icy White, or Obsidian card (thanks to the 3500 euro minimum CRO deposit), will obviously get higher interest rates. However, these rates are also reduced. Crypto.com advertises a rate of 2% on a flexible deposit, 4% on a one-month deposit and 8% on a 3-month deposit.
A lower interest rate if you deposit more than $30,000
The drop is also severe on Bitcoin (BTC) and Ether (ETH). Midnight Blue or Ruby Steel cardholders will have a choice of 0.5% interest (flexible), 1.5% (1 month) and 3% (3 months). Higher card owners will get 1% interest (flexible), 2% (1 month) and 4% (3 months).
LUNA, EGLD and ATOM cryptocurrency owners will have to settle for 1.5% interest (flexible), 2.5% (1 month) and 4% (3 months). Better rates (2%,3.5% and 5%) are offered to cardholders of a higher level.
In a second step, Crypto.com will lower the returns offered on Polkadot (DOT) and Polygon (MATIC) deposits. Midnight Blue and Ruby Steel cardholders will have a choice between 5.8 and 11% interest. Users of a more premium card will receive 6.10 or 12.5% interest on their deposits. The change takes effect April 4, 2022.
“The new rates apply only to allocations made on or after the effective dates. Reward rates for allocations already placed remain unchanged,”Crypto.com explains in the email.
Contacted by us, the exchange explains that the decrease in interest is the result of a “business decision” whose ins and outs will not be disclosed to users.
In a statement released in early March, Crypto.com said that users who have deposited more than $30,000 in fixed deposits will have to settle for an interest rate 0.5 times lower. The exchange states that “assets allocated with flexible terms will not be considered.” These tiers affect all users of the platform, without distinction based on bank card, and will come into effect on April 4, 2022.