Crypto exchange giant Crypto.com said on Monday that it is removing 15 coins from its Crypto Earn incentive programme while the bear market persists.
Among those being dropped are Dogecoin (DOGE), Shiba Inu (SHIB), Tezos (XTZ), as well as Flow along with several others.
Zilliqa (ZIL), Fantom (FTM), and NEAR were also added by Crypto.com to this list.
VThe reward rates for five distinct stablecoins, including TGBP, TAUD, TCAD, TUSD, and USDP (Paxos USD), which are virtual currencies linked to the British Pound, Australian Dollar, Canadian Dollar, and US Dollar are also changing on Crypto.com.
Other cryptocurrencies’ reward rates, such as those for Bitcoin, Ethereum, Polygon, Avalanche, and Solana remain unaltered.
The reason for removing those specific tokens was not stated by the firm in its announcement.
There was a range of reactions to the announcement, with several people tweeting that it was “a shame” that incentives for Shiba Inus and Dogecoins were no longer an option.
Others said that because of how low the exchange’s interest rates were, they were on par with those of a conventional bank. “It’s not worth locking up any money!” a Bitcoin user stated.
Many people were dismayed by the news, but others claimed Crypto.com was moving in the right direction toward “long term sustainability”.
Just two weeks ago the business disclosed that it was letting go of 5% of its workforce owing to the “market downturn.”
Also Read: Crypto.com Wins Digital Payment Service Approval in Singapore.
The market meltdown has interfered with the goals of many businesses, and in addition to crypto.com, other businesses have also chosen to reduce their employment. Recently, it was revealed that the crypto lending firm, BlockFi will lay off 20% of employees amid the market crash.
