Crypto.com, a cryptocurrency exchange, announced the removal of 15 coins from its Crypto Earn rewards program.
Crypto.com is a Singapore-based cryptocurrency exchange. The startup will have 50 million consumers and 4,000 staff by 2022. Cronos ($CRO) is the platform’s official cryptocurrency. The exchange also distinguishes out for its brand collaborations, with FTX exchange showing a strong hunger for working with sports companies.
Relating to the acquisition of a domain held by cryptography expert and professor Matt Blaze in 2018, the firm was given the moniker Crypto.com. The domain was valued between $5 and $10 million by domain sellers.
Dogecoin (DOGE), Shiba Inu (SHIB), Tezos (XTZ), and FLOW are one of the coins that have been deleted, but Crypto.com has added Zilliqa (ZIL), Fantom (FTM), and NEAR to the list.
Crypto.com is also changing the reward rates for five distinct stablecoins: digital assets fixed to the British Pound, Australian Dollar, Canadian Dollar, and US Dollar: TGBP, TAUD, TCAD, TUSD, and USDP (Paxos USD). Other cryptocurrencies’ reward rates, such as Bitcoin, Ethereum, Polygon, Avalanche, and Solana, remain unaltered.
The corporation did not explain why it deleted those specific tokens in its release.
The reaction to the revelation was varied, with many users on Twitter stating it was “a tragedy” that Shiba Inu and Dogecoin incentives were no longer available.
Others claimed that the exchange’s interest rates were equivalent to a regular bank’s. “It’s not actually worth locking up any money!” According to one Bitcoin owner.
While many people were dismayed by the revelation, others maintained that Crypto.com was progressing toward “long-term viability.”
Crypto.com’s Crypto Earn modifications come only two weeks after the firm said it would lay off 5% of its workforce due to a “market slowdown.”
Aside from that, Crypto.com recently announced its entrance into South Africa with a dedicated Rand wallet. According to Crypto.com, the modification is to comply with local legislation to sell specific products and services in South Africa. The objective is to assist Crypto.com in expanding its footprint in Africa, a market heavily populated by rivals.
These include FTX Exchange collaborating with AZA Finance to develop blockchain technology and Web3 in Africa, Binance being the official partner of the Africa Cup of Nations, and the Near Foundation constructing a new blockchain center in Kenya.
Author: Ritik Joshi
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