The prominent Singapore-based cryptocurrency exchange crypto.com on Monday took to Twitter that it would drop the support for 15 cryptocurrencies from its crypto earn rewards program.
Crypto coins removed are FLOW, SHIB, DOGE, FLOW as well as XTZ, MKR, EOS, OMG, KNC, ICX, COMP, BIFI, ONG, GAS, STRAX, and BNT. However, crypto.com added Zilliqa (ZIL), Fantom (FTM), and NEAR to the list.
In the blog post released by the exchange, the crypto firm stated that the currently fixed-term allocation would be maintained until the term ends while the allocation of the removed crypto would be automatically returned to users’ wallets by June 28.
The post also noted that crypto.com would modify reward rates for five different stablecoins namely; TGBP, TAUD, TCAD, TUSD, and USDP (Paxos USD), digital assets tied to the British Pounds, Australian Dollars, Canadian Dollars, and the US Dollars.
While the reward rates for most other cryptocurrencies like Bitcoin and Ethereum remain unchanged, crypto.com however, didn’t state any reason for its decision to remove some of the cryptocurrencies from the earning program.
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Crypto.com Community’s Response
It didn’t sit well with holders of those coins on Monday when the crypto firm disclosed the information, especially Dogecoin and Shiba Inu holders as they couldn’t contain their grievances regarding this decision.
Many Twitter users asserted that it was “a shame” to the firm for removing DOGE and SHIB from its earn reward program.
There were also assertions that crypto.com interest rates were so low that they were comparable to a traditional bank.
Some of the crypto.com community members said the exchange is a scam.
Prior to this announcement, the Singapore-based cryptocurrency exchange recently laid off 5% of its employees citing “market downturn” as its reason.
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