Crypto.com Lowers Earn Savings Interest Rates on Multiple Cryptocurrencies
Crypto.com (CRO) has just announced bad news to its users. In an email, the cryptocurrency exchange platform announces the reduction of the interest rates of the Earn savings formula for several cryptocurrencies. We received the email this Saturday, March 26, 2022.
Initially, Crypto.com is lowering the yield offered on deposits of stablecoins (USDT, USDC, DAI, PAX, TUSD, TAUD, TCAD, and TGBP) and 5 other popular cryptocurrencies: Bitcoin (BTC), Ether (ETH), Terra (LUNA), eGold (EGLD) and the Cosmos (ATOM). This reduction came 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 settle fora maximum return of 6% per year on their stablecoins. A flexible deposit, which can be claimed at any time, will only offer 1.5% interest rate. A one-month locked deposit guarantees a rate of 3%, compared to 6% for a 3-month deposit. Previously, a 3 month deposit offered 10% interest.
Users who have a card Royal Indigo/Jade Green, Frosted Rose Gold, Icy White, or Obsidian (thanks to the deposit of 3500 euros of minimum CRO), will obviously obtain higher interest rates. However, these rates are also reduced. Crypto.com announces a rate of 2% on a flexible deposit, 4% on a 1 month deposit and 8% on a 3 month deposit.
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A lower interest rate if you deposit more than $30,000
The decline is also severe on Bitcoin (BTC) and Ether (ETH). Holders of a Midnight Blue or Ruby Steel card will have the choice between 0.5% interest (flexible), 1.5% (1 month) and 3% (3 months). Superior cardholders will get 1% interest (flexible), 2% (1 month) and 4% (3 months).
Owners of LUNA, EGLD and ATOM cryptocurrencies 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 holders of a higher level card.
In a second step, Crypto.com will lower the returns offered on deposits of Polkadot (DOT) and Polygon (MATIC). Midnight Blue or Ruby Steel cardholders will have the choice between 5.8 and 11% interest. For their part, users of a more premium card will benefit from 6.10 or 12.5% interest on their deposits. The change takes effect on April 4, 2022.
“The new rates only apply to allocations made from the dates of entry into force. Reward rates for already placed allocations remain unchanged”Crypto.com explains in the email.
Contacted by us, the exchange explains that the drop in interest results from a “business decision” the ins and outs of which will not be disclosed to users.
In a statement released in early March, Crypto.com clarified that users who have deposited more than $30,000 in fixed deposits will have to settle foran interest rate 0.5 times lower. The exchange specifies that “assets allocated with flexible conditions will not be taken into account”. These levels concern all users of the platform, without distinction based on bank card, and will come into effect on April 4, 2022.
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