Crypto.com Earn Program Eliminates Dogecoin, Shiba Inu, and Others

With the market continuing to see stagnancy, Crypto.com announced yesterday the removal of 15 cryptocurrencies from its Crypto Earn rewards program.

The coins on the chopping block are Tezos (XTZ) Dogecoin (DOGE), Shiba Inu (SHIB), Zilliqa (ZIL), Fantom (FTM), FLOW, and NEAR. Five stablecoins will see their reward rate changed TGBP, TAUD, TCAD, TUSD, and USDP (Paxos USD) all assets linked to the Canadian Dollar, British Pound, US Dollar, and Australian Dollar.

The rates on rewards for the cryptocurrencies Ethereum, Avalanche, Solana, Bitcoin, and Polygon all have stayed the same.

The Crypto.com rewards program allowed users to earn a certain amount of interest on individual cryptocurrencies by holding it with the exchange, many see this as a second form of income.

Crypto.com has not come out to formally explain the removal of these coins.

The response to the news was varied, with some users on Twitter calling it a shame that these tokens were no longer available to earn rewards. On the opposite side, a group claims that the interest rates offered by the platform were so low that even traditional banks provided more.

While disappointing to some the news shows self-awareness by the crypto exchange and is a step forward towards the goal of long-term stability.

The news comes just two weeks after the “World's most known crypto exchange” announced the layoffs of about 5% of its staff due to current market conditions.

Widespread uncertainty is plaguing the industry now as fear of consolidation becomes a factor with FTX smelling the proverbial blood of other competitors, and many do not know if this is the bottom of the overall market.