Crypto.com has announced that it has lowered its fees and CRO staking rewards, making it more accessible for users. The firm provides an easier way for newcomers in the crypto sector to enter the market with lower risk levels. In a blog post, the platform explained that it will cut trading fees by as much as 80%. It also wants to make some changes to the CRO token.
Users To Have More Affordable Access
Like trades involving other financial assets, cryptocurrency conversions are usually subject to fees. These fees charged by the service providers enable them to get revenues from the conversion and transfer services they provide. Crypto.com says it wants to cut down the fees to enable more users to participate in the market. The 80% slash in fees is a significant one since it will affect its profit. But the company believes that such change is very important if more people are to be onboarded.
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Cryptocom says by reducing the fees, will enable users to have more affordable access to different crypto assets. The reduction in fees applies to both derivatives and spot trading, as the fees now start at 0.034% and 0075%, respectively. Additionally, the company has removed the minimum trading level, which can enable traders to attain 0% market fees. However, this will require staking up to 50,000 CRO.
Users Can Unlock Additional Benefits By Staking CRO
Users can now reduce their fees even further by acquiring and staking Cryptocom’s native token CRO. They can unlock additional trading fee benefits depending on the amount of CRO they can stake. Users who stake at least 100,000 CRO could get paid to trade through negative market feeds across all tiers for users.
Additionally, liquidity providers can also benefit from improved capital efficiency and negative trading fees. The negative marker fees apply to all market-making tiers which are settled in the receiving currency for spot trading. For instance, the platform uses USDC to settle negative market fees for derivatives trading.
Newcomers are no longer entitled to earn the usual 10% per annum. Instead, they are now transferred to a new reward scheme that enables them to earn 8% per annum.
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