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Crypto.com Reduces Trading Fees By 80%; Is This The Right Time?
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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Biden Campaign HQ Staffers Finalize Union Deal, Setting Precedent for Reelection Campaigns
In a historic move, staffers at Joe Biden’s reelection campaign headquarters have finalized a union agreement, making it the first presidential reelection campaign to organize.
The agreement was reached between the Biden-Harris campaign and the International Brotherhood of Electrical Workers (IBEW) Local 2320. The IBEW represents nearly 200 employees at the campaign’s headquarters in Philadelphia.
According to a statement from the campaign, the agreement includes “competitive salaries and benefits, robust anti-harassment policies, as well as paid time off and employer-paid health care.”
The successful unionization effort has been praised by both labor leaders and Democratic officials.
“This is an important step towards ensuring fair and equitable treatment for campaign staff, and sets a new standard for future presidential reelection campaigns,” said Stuart Appelbaum, president of the Retail, Wholesale and Department Store Union (RWDSU).
The RWDSU also represents workers at the Democratic National Committee (DNC) and has been working with Biden’s campaign to facilitate negotiations.
“This agreement shows that the Biden-Harris campaign values its employees and recognizes their hard work and dedication,” Appelbaum added.
This move highlights the growing trend of unionization among political campaigns. In recent years, several Democratic candidates have unionized their staffs, including Senators Bernie Sanders and Elizabeth Warren during their 2020 presidential runs.
However, this marks the first time a sitting president or vice president has unionized their reelection campaign.
“The Biden-Harris campaign’s decision to prioritize workers’ rights and support collective bargaining is a testament to the value of unions in our society,” said Lee Saunders, president of the American Federation of State, County and Municipal Employees (AFSCME).
The growing presence of labor unions within political campaigns reflects a larger shift towards progressive policies within the Democratic Party. As more candidates embrace unionization efforts, it sends a message that they are committed to improving working conditions and supporting workers’ rights.
According to data from the Department for Professional Employees, union membership among young workers has been steadily increasing over the past decade. This trend is likely to continue as the younger generation becomes more politically active and aligns themselves with progressive values.
The successful unionization at the Biden campaign’s headquarters also serves as a reminder of the impact that organized labor can have in shaping workplace conditions and advocating for workers’ rights. It sets a new precedent for future presidential campaigns, and it is likely that we will see more candidates following in Biden’s footsteps.
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Rep. Sheila Jackson Lee Diagnosed with Pancreatic Cancer, Announces Congressional Absence
On Wednesday, Congresswoman Sheila Jackson Lee announced that she has been diagnosed with pancreatic cancer. In a statement released by her office, the 71-year-old representative from Houston expressed that she will be undergoing treatment for the disease.
Pancreatic cancer is known to have one of the lowest survival rates among all types of cancer. According to recent statistics, only 10% of patients diagnosed with this disease survive past five years. This news has raised concerns among Jackson Lee’s constituents, who are worried about her well-being and absence in Congress.
Jackson Lee has been representing Texas’ 18th congressional district since 1995 and is currently serving her 13th term in office. She is known for her advocacy on civil rights and criminal justice reform, as well as being a strong voice for the African-American community.
Upon hearing about her diagnosis, many of Jackson Lee’s colleagues and fellow politicians have expressed their support and well-wishes for her recovery. House Speaker Nancy Pelosi tweeted, “Sending love and prayers to my dear friend Sheila Jackson Lee as she begins treatment for pancreatic cancer. We all stand with you in this fight.”
Jackson Lee also took the opportunity to raise awareness about pancreatic cancer and its impact on communities of color. According to data from the American Cancer Society, African-Americans are more likely to develop this type of cancer at a younger age compared to other ethnic groups.
The congresswoman urged individuals to prioritize their health and get regular check-ups, as early detection is key in fighting pancreatic cancer. She also called for continued research and funding for treatments and a potential cure.
Despite her diagnosis, Jackson Lee remains determined to continue serving her constituents. In her statement, she assured the public that she will still be involved in congressional matters while undergoing treatment.
In light of her absence, Jackson Lee’s office has set up a hotline for constituents who need assistance with federal agencies or have any concerns. Her staff will also continue to hold virtual meetings with community leaders and attend events on her behalf.
As one of the longest-serving members of Congress from Texas, Rep. Sheila Jackson Lee has been a strong advocate for her district and the nation as a whole. Her health battle is a reminder to all of us to take care of ourselves and support those who are facing similar challenges. We wish her a speedy recovery and hope to see her back in Congress soon.
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Larry Allen, Dallas Cowboys Legend, Passes Away at 52
The NFL community is mourning the loss of one of its greatest players as former Dallas Cowboys offensive lineman Larry Allen has passed away at the age of 52. The cause of death has not been announced yet.
Allen was selected by the Cowboys in the second round of the 1994 NFL Draft and quickly made an impact on the field. He played for the team for 12 seasons and was known for his strength, agility and versatility, making him a key player in every position he played.
During his time with the Cowboys, Allen became a six-time Pro Bowl selection and earned first-team All-Pro honors five times. He also helped lead his team to two Super Bowls, including a victory in Super Bowl XXX.
After his time with the Cowboys, Allen played for two more seasons with the San Francisco 49ers and one season with the Dallas Desperados of the Arena Football League before retiring in 2008.
Throughout his career, Allen was known for his impressive statistics and achievements. He was named to the NFL’s All-Decade Team for both the 1990s and 2000s and is considered one of the greatest offensive linemen in NFL history.
In addition to his successful football career, Allen also made an impact off the field. He founded The Larry Allen Foundation, which provided support and resources for underprivileged youth in California.
Fans have been sharing their condolences on social media, remembering Allen as not only a talented player but also a kind and generous person. The Dallas Cowboys organization released a statement expressing their sadness over the loss of their former player.
Larry Allen’s legacy will continue to live on in the NFL and in the hearts of his fans and loved ones. He will be deeply missed by all those who knew and admired him. Rest in peace, Larry Allen. We thank you for your incredible contributions to the game of football. May your memory be a blessing to us all.
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