Crypto.com Removes Dogecoin, Shiba Inu, and More From Earn Program

Crypto.com Removes Dogecoin, Shiba Inu, and More From Earn Program

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Crypto.com removed 15 altcoins, including the notorious Dogecoin (DOGE) and Shiba Inu (SHIB), from its Crypto Earn program on Monday.

An overhaul of the Earn program at crypto.com

Amid a bear market, cryptocurrency exchange Crypto.com said it was removing 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 eliminated from the program.

However, Crypto.com did not specify the reason 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 by 5 stablecoins.

As part of the Crypto Earn program, the company is offering up to 10% on stablecoins and up to 14.5% on cryptocurrency deposits. The Earn program is offered on more than 40 tokens.

The existing fixed-term allocations for these tokens will remain unchanged and will continue until the end of the term. Funds from any active flexible term allocation for the tokens listed above will be automatically returned to users Crypto Wallet by June 28, 2022, 10:00 UTC said Crypto.com in its statement.

crypto.com

Mixed responses from the community

We all know the popularity among crypto investors of memecoins such as Dogecoin going so far as to organize parties dedicated to Dogecoin such as The Million Doge Disco Party.

Although many investors in these memecoins say they are betrayed by crypto.com, many Internet users on Twitter recall that the company must think in the long term and prefers to see the Earn program welcoming projects working on the future of Web 3.0, rather than on memecoins whose volatility is mainly due to Elon Musk’s tweets.

Zoom on the stablecoins

As mentioned at the beginning, stablecoins were also affected by this change at Crypto.com, particularly on the reward rates for: TGBP, TAUD, TCAD, TUSD and USDP.

The new rates are only applicable to allocations placed from the date of entry into force. Reward rates for Allocations that have already been placed will remain unchanged “, clarified crypto.com.

Private Crypto.com users holding Rose Gold, Icy White, and Obsidian cards will continue to earn an additional 2% per year 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 yield up to 14.5%.

Even if crypto.com did not communicate on the reasons behind these numerous modifications, one can speculate that the company continues to prepare for a crypto winter and tries to survive in these times when Earn programs are more and more complicated. .

Like Celsius, crypto.com tries to prevent rather than block, hopefully these programs can stay as they attract a lot of investors. However, it is worth remembering that when you lend your cryptocurrencies, you lose control of them and these cryptos 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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Avatar Alexis Patin

Alexis Patin

Passionate about geopolitics, economy, cryptocurrency, Eurasia and travel! (as far east as possible), crypto-trader for 4 years.

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