Just a few weeks after Crypto.com slashed its card and staking rewards, the company announced further revised rates for its stablecoins. The new announcement by Crypto.com affects just the Crypto.com Earn section and will not apply to all currently locked stablecoins.
However, since 11th July, any newly staked/locked stablecoin in either of the available tiers will earn at the revised rate. The newly announced revised rate affects the USDC, USDT, and DAI.
What is Crypto Earn?
Crypto earn is one of the “build your portfolio” schemes by Crypto.com. While the scheme previously promised as high as 14% in yield for locked stablecoins, the newly introduced earn rates have slashed this number greatly.
Apart from the earn benefits on crypto earn, if your staked CRO meets the required amount for any of crypto.com’s visa cards, you can request the card at no added fee. For instance, if you initially locked just $400 worth of CRO, you will be eligible for the Ruby steel metal card. Now, if you increase your staked amount to $50, 000 after 180 days, you can request the Frosted rose gold/Icy white metal card.
How Does Crypto Earn Work?
Basically, with crypto earn, you lock up an amount of crypto or stablecoin for a period and you receive weekly rewards. Crypto.com offers three holding term options for its crypto earn; Flexible holding term, 1-month fixed term, and 3-month fixed term. Based on which of the holding term you decided to work with, your earn rate will vary.
The Flexible holding term allows you to stake and unstake at will. With this holding term, you can choose when to unstake your staked token; your token is not locked. However, with the Flexible holding term, you won’t be able to request that tier’s crypto.com visa card. You need to lock the required amount of CRO for at least 180 days to request the card.
The 1-month fixed term will keep your staked token locked for 1 month. You will not be able to access the locked token till the staking period expires. However, you will earn weekly rewards based on staked tokens that will be deposited into your crypto wallet. So, while you can’t access your locked staked tokens, you have access to your weekly earnings. As with Flexible holding terms, you cannot request a tier visa card as it doesn’t meet the 180 days lock requirement.
The 3-month fixed term offers the highest yield and reward on staked tokens. With the 3-month holding term, you can request a Crypto.com visa card if it meets the required staked amount. With this tier, your staked amount will be locked for 3 months but you will have access to your earnings.
What is the New Revised Rate for Stablecoins on Crypto earn?
The revised earn rate is effective from 11th July on all the selected staked stablecoins (USDC, USDT, DAI). For USDC, USDT, and DAI, locked up amounts less than $4,000 will earn 0.4%, 3%, and 4.5% for Flexible holding terms, 1-month fixed, and 3-month fixed respectively.
For $4,000 or more locked up in USDC, USDT, and DAI, the new earn rate is 0.5%, 4%, and 6.5% for Flexible holding term, 1-month fixed, and 3-month fixed.
How to use Crypto Earn on the Crypto.com App
Staking CRO on your crypto.com app provides the most benefits. You will be eligible for crypto.com’s metal visa cards, enjoy better APR in crypto earn and receive other crypto wallet benefits (cash back rewards and purchase rebates). To stake CRO on your crypto.com app, you need to have enough CRO.
Once you have enough CRO to stake;
- Go to the Card page at the bottom-right corner of the app
- Choose your preferred Visa card from Crypto.com.
- Following the prompts on the screen after tapping the Stake CRO button
To buy CRO from other Crypto:
- Press the Trade button.
- Click Sell
- Pick a wallet from your other cryptocurrencies.
- Choose CRO as the allocation to a cryptocurrency wallet.
- Put in the necessary quantity of CRO.
- Verify your purchase