Cryptocurrency exchange Crypto.com has removed Dogecoin DOGE/USD, Shiba Inu SHIB/USD, and several other crypto tokens from its Crypto Earn rewards program.
What Happened: In an announcement on Monday, the exchange said that 15 tokens would no longer be available.
They closed out my doge and SHIB flexible earning rewards and no longer offer them in earn. What a shame.— Stagrepa.Loopring.eth (@Stagrepa) June 27, 2022
Aside from SHIB and DOGE, other popular tokens such as MKR, EOS, OMG, FLOW, ICX, and COMP were named in the list of cryptocurrencies being removed.
According to the exchange, existing fixed-term allocations in these tokens would continue to earn interest, while any flexible-term allocations would be returned to users’ crypto wallets by June 28.
While the decision to cut these tokens from the Crypto Earn program is likely motivated by massive price drawdowns in the current bear market, the exchange said it continues to offer users 14.5% interest on select crypto tokens, including Bitcoin BTC/USD and Ethereum ETH/USD.
See Also: IS BITCOIN A GOOD INVESTMENT?
Crypto.com is also adding support for new cryptocurrencies in its rewards program, including Fantom FTM/USD, Zilliqa ZIL/USD, and Near Protocol NEAR/USD.
Earlier this month, Crypto.com CEO Kris Marszalek said the company plans to cut 5% of its workforce in the wake of the market downturn. Crypto.com joined a number of other crypto exchanges, including Gemini and Coinbase Global Inc COIN, that have made similar layoffs this month.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.