Crypto.com slashing interest rate suddenly is exactly what banks will do

With the recent news Crypto.com will be slashing interest rates without much notice, and the backlash it is facing which is well-deserved.

Even though its rate cut in this market condition and due to the scale of business is understandable, some transparency and communication will go a long way.

However can’t help but notice this is exactly what banks do, the past couple of years their interest rates have been plummeting and there’s practically no communication to the customers about it. Customers will only see their interest paying continuously shrink, and will have to manually look up interest rates, only to see it keep falling.

It pains me to see Crypto.com stooping to this behaviour and I fear not only crypto.com but other crypto exchanges will start behaving like banks, that ironically crypto is trying to replace, once they get big enough with unchecked power.