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.
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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.