Crypto.com removed 15 altcoins, including the notorious Dogecoin (DOGE) and Shiba Inu (SHIB), from its Crypto Earn program on Monday.
Restoration of the Earn program at crypto.com
Amidst a bear market, cryptocurrency exchange Crypto.com said it was withdrawing from its Crypto Earn program memecoins such as Shiba Inu (SHIB) and Dogecoin (DOGE). Apart from memecoins, 13 other tokens such as Tezos and FLOW are also being expelled from the program.
However, Crypto.com did not specify why these coins were removed from the Crypto Earn list. Significantly, Crypto.com included in the same announcement that it added tokens like Fantom (FTM), Zilliqa (ZIL), and NEAR to the list of gains. The company also revised interest rates below 5 stable tires.
Under the Crypto Earn program, the company is offering up to 10% off stable tires and up to 14.5% on cryptocurrency deposits. The Earn program is available on more than 40 signs.
” The current fixed term allocations for these signals will not change and will continue until the end of the term. Funds from any flexible term active allocation for the tokens listed above will be automatically returned to Crypto Wallet users by June 28, 2022, 10:00 PM UTC Crypto.com said in a statement.
Mixed responses from the public
We all know the popularity among crypto investors of it memecoins like Dogecoin going so far as to organize parties dedicated to Dogecoin like The Million Doge Disco Party.
While there are many investors in the memecoins saying that they are committed to crypto.com, many Internet users on Twitter recall that the company needs to think long – term and prefers to see the Earn program welcoming projects working on the future of Web 3.0, rather than memecoins whose volatility mainly due to. to Elon Musk tweets.
Zoom in on the stable tires
As mentioned at the outset, this change also affected stables at Crypto.com, in particular the reward rates for: TGBP, TAUD, TCAD, TUSD and USDP.
” The new rates only apply to allocations submitted from the date they take effect. Reward rates will not be changed for Allocations already made “, Clarified crypto.com.
Private users of Crypto.com holding Rose Gold, Icy White, and Obsidian cards will continue to earn an additional 2% per annum on fixed term allocations.
In contrast, the company did not change the Crypto Earn reward rates for 28 tokens, including bitcoin, ether, Polygon, Avalanche, and Solana. These will continue to rise by 14.5%.
Even if crypto.com has not communicated the reasons behind these numerous modifications, it can be speculated that the company continues to prepare for the winter of crypto and tries to survive in these times when Earn more programs and more complicated. .
Like Celsius, crypto.com tries to block rather than block, hopefully these programs can stay as they attract many investors. However, it is worth remembering that when you lend your cryptocurrencies, you will lose control of them and these cryptocurrencies will depend on the evolution of the company. It is therefore a risk that must be taken into account when investing in this type of program.
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Passionate about geopolitics, economy, cryptocurrency, Eurasia and travel! (as far east as possible), crypto-trader for 4 years.