Crypto.com Updates Soft Staking Interest Rate For All Assets
Popular cryptocurrency exchange and card provider, Crypto.com has released its latest interest rate for the crypto assets available on its soft staking program.
Users can earn passive income with soft staking by just having a balance in their crypto.com exchange wallet. No commitment or lockup period is required for the staked assets. However, how much reward a user can earn depends on their daily wallet balances.
The feature is available for 26 cryptocurrencies, including Bitcoin, Ethereum, USDT, XRP, and 23 other assets.
In an email sent to customers today, Crypto.com said it had updated the interest rate for all soft staking crypto assets. The new rate will take effect for payouts starting Tuesday, October 13, 2020.
CRO, the native cryptocurrency of the exchange, has the highest soft staking rate of up to 5%, while stablecoin like DIA, USDC, and USDT have rates of up to 4%.
All other coins available on the Soft staking program have a new rate of up to 1%. These assets are BAND, EOS, XLM, ATOM, LINK, XTZ, BCH, VET, ADA, ENJ, ALGO, KNC, NEO, PAXG, BAT, COMP, OMG, MKR, ICX.
Crypto.com also updated the minimum threshold for each asset. For instance, BTC, ETH, XRP, and CRO have their minimum threshold fixed at 0.02 BTC, 0.6 ETH, 800 XRP, and 1,350 CRO, respectively.
Users who have less than the required minimum balance are not eligible for daily interest calculation and payout.
Meanwhile, the Crypto.com Soft Staking is not the same as CRO staking. The latter requires users to lock at least 1,000 CRO for 180 days to earn up to 20% APR. This means that staked CRO tokens are not available for withdrawal until the 180 commitment period is complete.
Since its launch, the CRO token has recorded massive gains as Crypto.com continues to market its the cryptocurrency for wider adoption. At the time of writing, CRO is exchanging hands at $0.152238, which is more than 650% RIO since it started trading.