To increase its user base, Crypto.com has reduced its trading fees by 80% and implemented lucrative staking rewards.
This is a departure from the strategy they’ve used for a long time. The firm claims it is taking this step so that anyone can enter the cryptocurrency market with minimal effort. Yet at what expense? As a result of the current state of the cryptocurrency market, they have been quietly laying off hundreds of workers.
One of the largest cryptocurrency exchanges, Crypto.com, is aiming to make cryptocurrency trading more accessible by slashing trade fees by as much as 80 percent. The reduced cost of entering the cryptocurrency market has made it more accessible than ever.
Further, CRO investors will reap the benefits of reduced trading fees.
There has been a great deal of opportunity for trading in the crypto markets over the past few months due to the volatility and uncertainty of the market.
Even though major tokens like Bitcoin and Ethereum have dropped from their peaks, the markets still provided ample opportunity for traders to make substantial profits.
When ETH was trading at less than $1,000, investors could have entered the market and made gains of 50%+ in a matter of months with a single position. With Crypto.com’s streamlined interface, you can easily execute these trades and generate passive income with staked CRO.
What Is Crypto.com:
The cryptocurrency exchange known as Crypto.com launched in 2016. Within 5 years, it went from zero to 10 million users. The company’s headquarters are in Hong Kong, and it was founded by Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo.
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The platform not only hosts the cryptocurrency app, but also the exchange, a Defi wallet, and the world’s largest cryptocurrency card program, the Crypto.com Visa card. The bourse serves customers in the Americas, Europe, and Asia.
Layoffs In Crypto.com
Even internal team members are in the dark about the exchange, demonstrating a lack of transparency on the company’s part. There have been rumors that a certain individual’s sudden absence from meetings or groups indicates that they have been terminated from their position.
After hiring heavily during the bull market of 2021, the company is now looking to cut costs by laying off some of those workers.
While only 260 layoffs have been confirmed by Crypto.com, there are rumors that the actual number is much higher. They’re doing everything they can to keep accurate numbers under wraps, down to shutting down two slack groups where every employee was present.
Crypto.com Cuts Costs
Because of the high cost of trading, Crypto.com aims to make trading cryptocurrencies accessible to everyone at a low cost.
The following are some of the highlights of Crypto.com’s new pricing structure, as described by the website itself:
Up to 80% lower fees in the spot and derivatives markets
The minimum spreads for trading on the Spot and Derivatives markets are now 0.075% and 0.034%, respectively. There is no bare-bones trading minimum.
Crypto.com is updating the exchange to make it faster and more reliable, and they are also reducing the fees users must pay to do so. When it comes to making investments, only the most advanced tools will do, and Crypto.com is working hard to ensure that its platform is the first choice of investors of all sizes.
Under certain circumstances, all VIP tiers at Crypto.com can have 0% maker fees for anyone who is a Market Maker.
Staking With CRO
Even though the CRO staking ecosystem was robust before Crypto.com, it was greatly enhanced by the platform. Investors in CROs will benefit from the new framework by receiving:
Lower prices effective immediately
In addition to the standard trading fee reduction, staking as little as 1,000 CRO will earn you additional trading fee benefits.
Makers who stake at least 50,000 CRO are assured of paying no fees at any level.
Negative maker fees across all tiers are available to users who stake at least 100,000 CRO, effectively paying them to trade.
Staking rate changes will only affect newly deposited CROs and not previously locked CROs.
Here are the new rates that have been implemented:
With immediate effect, the CRO staking rate has been changed from a flat staking rate of 10% p.a. to a tiered approach of up to 8% p.a. Existing CRO stakes that are locked will not be affected by these rate changes. The tenure for your locked stake will begin again if you decide to change the CRO stake after the effective date.
FAQs – People Also Ask
Are fees lower on Crypto com?
Payments through Coinbase are subject to the following charges. The price tag is the main differentiating factor between the two networks. With rates ranging from 0.04% to 0.40% for makers and 0.10% to 0.40% for takers, Crypto.com keeps things straightforward with the maker-taker model.
Who has lower fees Coinbase or crypto com?
A higher fee is charged by Coinbase for this service. While the fees at Crypto.com may be lower (depending on how you buy your crypto), you will be unable to exchange one cryptocurrency for another.
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