Cryptocurrency exchange Crypto.com is making a number of changes to Crypto Earn, removing some cryptocoins, welcoming others or revising the interest rates of a few.
Crypto.com strips Dogecoin and Shiba of rewards
The sweep won’t wait until the warm weather returns. According to a June 27 statement, Crypto.com has removed fifteen tokens from its Crypto Earn rewards program. The withdrawal affects such well-known crypto-currencies as Dogecoin (DOGE), Shiba Inu (SHIB), Tezos (XTZ), and FLOW.
Maker (MKR), EOS, Omisego (OMG), Kyber Network (KNC), Icon (ICX), Compound (COMP), Beefy.Finance (BIFI), Ontology Gas (ONG), Stratis (STRAX), and Bancor Network Token (BNT), complete the list.
Crypto.com has not provided any official explanation as to why the company made this decision. The move has drawn mixed reactions on social media.
Some Twitter users regret the removal of Shiba Inu and Dogecoin from Crypto Earn. Others did not share this sentiment, believing that the interest rates offered by the platform were, in any case, relatively low, similar to those offered by traditional banks.
Some, however, interpreted this big cleanup positively. It would be the proof that Crypto.com is making progress towards “long-term sustainability”.
Crypto.com platform revises its reward rates
The departures of some leave empty spots for others to fill. Crypto.com is opening the doors of Crypto Earn to Fantom (FTM), Zilliqa (ZIL), and NEAR. Investments in these cryptocurrencies generate gains of up to 5% per year for FTM, compared to 6% per year for ZIL and NEAR.
In between these withdrawals and additions, the platform made changes to the reward rates of four stablecoins: the TrueGBP (TGBP), TrueAUD (TAUD), TrueCAD (TCAD), TrueUSD (TUSD), and USDP.
However, these updates have spared a large number of tokens such as CRO, Bitcoin (BTC), and Ether (ETH). These cryptocurrencies still allow their investors to earn up to 14.5% in rewards.
How can observers explain the fate of Dogecoin, Shiba Inu, and other crypto-currencies removed from Crypto Earn? Were these tokens of little or no value to the company? These changes come just over two weeks after Crypto.com announced a 5% reduction in its workforce.