Crypto.com Cuts Trading Fees and Lowers CRO Stake Rewards
The Crypto.com platform is one of the core gateways for newcomers entering the cryptocurrency space. According to a recent blog post, the company will cut trading fees by as much as 80%. Additionally, there are some changes involving the CRO token.
Drastic Crypto.Com fees are cut
Similar to trading in other financial assets, conversion between cryptocurrencies is subject to fees. These fees often enable service providers to generate revenue and make money. Crypto.Com, through its Exchange solution, wants to reduce these trading fees by up to 80% for all users. It is a significant adjustment as it will cut into the company’s profits. However, the company acknowledges that such a change is necessary if more people are going to be on board.
By lowering trading fees, users will benefit from more affordable access to various cryptocurrencies. This fee reduction applies to both spot and derivatives trading, with fees now starting at 0.075% and 0.034% respectively. Additionally, there is no minimum trade amount, which should help traders push towards achieving 0% producer fees. But of course it requires betting at least 50,000 CRO.
Importance of CRO
To further reduce fees, users can acquire and stake CRO (the native Crypto.com currency) for an immediate fee reduction. Users will unlock additional trading fee benefits depending on how much CRO is staked. It is possible to get paid to trade through negative producer fees across all levels for users who stake at least 100,000 CRO.
It is worth noting that liquidity providers can benefit from negative trading fees and improved capital efficiency. This includes negative producer fees for all market-making levels, credited as real-time discounts and settled in the receiving spot trade currency. For example, Crypto.com will pay negative producer fees for derivatives trading in USDC.
Long-term CRO followers – staking or otherwise – will have noticed that the asset has found some price stability near $0.1265. Although the asset is down almost 70% from its price six months ago, the downtrend has reversed somewhat. Also, Staking Rewards indicates that over 13% of CRO supply is locked in stakes, confirming significant network support.
CRO Staking reward drop and ongoing exchange focus
Existing users who stake their CRO through Crypto.com will not see a change in the stake rate. On the other hand, newcomers will no longer be able to earn the flat 10% per year. Instead, they fall under a new reward scheme where they can earn up to 8% per year. That’s still an attractive rate, but represents a 20% drop in revenue. Per the team, the change is necessary to ensure the ecosystem’s long-term stability and growth, specifically the Exchange solution.
Crypto.com Exchange can process 2.7 million transactions per second and is built to be the next generation cryptocurrency exchange. It is subject to various top-level security certifications and plays an important role in the wider ecosystem. In addition, the Exchange offers stake rewards to CRO holders and is home to special events, such as the Supercharger, where users can win attractive and exclusive prizes.
Additionally, the Crypto.com team has secured multiple licenses to operate the Exchange service globally. Registration approval from the UK’s FCA was secured earlier this month, and progress has been made in Canada, the Cayman Islands, South Korea and Cyprus.
The exchange recently received an upgrade to include more trading tools. Users can experiment with trading robots and advanced charting tools across spot, margin and derivatives trading. More features will be coming to Crypto.com Exchange in the coming months.
The Crypto.com platform is one of the core gateways for newcomers entering the cryptocurrency space. According to a recent blog post, the company will cut trading fees by as much as 80%. Additionally, there are some changes involving the CRO token.
Drastic Crypto.Com fees are cut
Similar to trading in other financial assets, conversion between cryptocurrencies is subject to fees. These fees often enable service providers to generate revenue and make money. Crypto.Com, through its Exchange solution, wants to reduce these trading fees by up to 80% for all users. It is a significant adjustment as it will cut into the company’s profits. However, the company acknowledges that such a change is necessary if more people are going to be on board.
By lowering trading fees, users will benefit from more affordable access to various cryptocurrencies. This fee reduction applies to both spot and derivatives trading, with fees now starting at 0.075% and 0.034% respectively. Additionally, there is no minimum trade amount, which should help traders push towards achieving 0% producer fees. But of course it requires betting at least 50,000 CRO.
Importance of CRO
To further reduce fees, users can acquire and stake CRO (the native Crypto.com currency) for an immediate fee reduction. Users will unlock additional trading fee benefits depending on how much CRO is staked. It is possible to get paid to trade through negative producer fees across all levels for users who stake at least 100,000 CRO.
It is worth noting that liquidity providers can benefit from negative trading fees and improved capital efficiency. This includes negative producer fees for all market-making levels, credited as real-time discounts and settled in the receiving spot trade currency. For example, Crypto.com will pay negative producer fees for derivatives trading in USDC.
Long-term CRO followers – staking or otherwise – will have noticed that the asset has found some price stability near $0.1265. Although the asset is down almost 70% from its price six months ago, the downtrend has reversed somewhat. Also, Staking Rewards indicates that over 13% of CRO supply is locked in stakes, confirming significant network support.
CRO Staking reward drop and ongoing exchange focus
Existing users who stake their CRO through Crypto.com will not see a change in the stake rate. On the other hand, newcomers will no longer be able to earn the flat 10% per year. Instead, they fall under a new reward scheme where they can earn up to 8% per year. That’s still an attractive rate, but represents a 20% drop in revenue. Per the team, the change is necessary to ensure the ecosystem’s long-term stability and growth, specifically the Exchange solution.
Crypto.com Exchange can process 2.7 million transactions per second and is built to be the next generation cryptocurrency exchange. It is subject to various top-level security certifications and plays an important role in the wider ecosystem. In addition, the Exchange offers stake rewards to CRO holders and is home to special events, such as the Supercharger, where users can win attractive and exclusive prizes.
In addition, the Crypto.com team has secured several licenses to operate the Exchange service globally. Registration approval from the UK’s FCA was secured earlier this month, and progress has been made in Canada, the Cayman Islands, South Korea and Cyprus.
The exchange recently received an upgrade to include more trading tools. Users can experiment with trading robots and advanced charting tools across spot, margin and derivatives trading. More features will be coming to Crypto.com Exchange in the coming months.
