Sudden Rate Jerk
A lot of investors with Crypto.com have been going through a time of extreme frustration as the platform further slashed its returns rate to investors on their token deposits. The most recent slash, which happens to be the second one coming from the platform in the same month of March. The reduction was announced in the early hours of Saturday without any notice.
The latest rate reduction has brought into question the offers by Crypto.com and the offers it gives on leading cryptocurrencies like Ethereum and Bitcoin have been reduced by up to 0.5% all the way from around 1.5% and 2.0%. Returns which used to be on larger deposits, specifically stablecoins, have been slashed in half to 4%.
Crypto.com stated that fresh rates that are significantly below what it published for payout at the beginning of the month, will be taking effect immediately and all deposits that have been on the platform before now will be exempted. According to what the platform announced at the beginning of the month, the reduction in rates was supposed to take effect on the 4th of April.
This recent cut has brought the returns offered by Crypto.com below any other offered from major crypto platforms which includes BlockFi and Celsius.
Displease All Over
Users of Crypto.com have since taken to various social media platforms to show how frustrated they are with receiving news of the rate reduction. The fact that the cut came on everyone without a notice coupled with the fact that it spelled it out that investing with Crypto.com may not be lucrative for the time being.
Certain Reddit users stated further that they were actually expecting rates to fall over the course of time, but having it two times in one month and the second one coming without any form of notice is neither encouraging nor a sign of good omen.
The rate reduction announcement also drew anger from Twitter users as they cited little to no incentives attached to having crypto deposits on the platform right now. A user was quoted to have asked if there is anybody else seeking ways to diversify their earnings away from @cryptocom as their rates are now at per with bank rates?
A couple of other users equally called for people to move into decentralized wallets as they equated the sudden reduction in rates to a rug pull .