Crypto.com removed DOGE and SHIB from its Earn program but also 13 more coins will be removed as well so let’s read more today in our latest cryptocurrency news.
Although Crypto.com removed DOGE and SHIB as well as 12 other coins, it decided to add NEAR, FTM and ZIL to its platform. The exchange announced to be removing 15 cryptos from its reward program and SHIB, Tezos, FLOW, and DOGE are among the ones removed. Crypto.com is modifying the reward rates for different stablecoins which are all digital assets pegged to the Australian Dollar, British Pound, US dollar, and Canadian dollar. Reward rates for other cryptocurrencies like Etheruem, Polygon, Ethereum, Avalanche, Bitcoin, and Solana remain unchanged.
Crypto Earn changes effective 27 June 2022:
— Crypto.com (@cryptocom) June 27, 2022
The company didn’t say why it removed these tokens but the response in the community is mixed. Many users said on Twitter that it was a shame that SHIBA and dOGE rewards are no longer an option. Others said that the exchange interest rates are low and they were comparable to the traditional bank with another saying that it is not worth lockup any funds. While many got disappointed by the news, others argued that Crypto.com was making some positive strides in long-term sustainability plans.
The Earn program changes come two weeks after the company announced it to be laying off 5% of its staff because of a market downturn.
As recently reported, Crypto.com makes cuts in its workforce and will lay off 260 people as the market continues to head into a downturn as CEO Kris Marszalek said. He described the layoffs as difficult and necessary beucase they need to ensure sustainable growth for the long term. The CEO referenced the current market downturn and alluded to the 2018 bear market with the company’s focus on the building during the 2018 crypto winter. At that time, the price of BTC crashed by 65% and fell from its ATH of $20,000 to below $7000.
The leading digital asset exchange Crypto.com recieved an in-principle approval from the Monetary Authority of Singapore to provide payment services in the Asian state. The regulator also gave a green light to the two additional companies as a part of the industry Genesis and Sparrow to over similar services. The Singapore MAS regulator added that Crypto.com can now offer services for the citizens of the city-state and the exchange explained that this approval will enable the exchange to offer plenty of settlement solutions within the Payment Services Act including the Digital Payment Token services.
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