2023-5-2 12:50 |
During a recent Ask Me Anything (AMA) on the topic of the Crypto.com card, CEO Kris Marszalek said, “You can count on us to juice the benefits or add new benefits as the market recovers.”
Crypto.com users rue aggressive cutsIn the previous bull cycle, the Crypto.com card provided members with enticing benefits, such as substantial cashback and increased staking rewards for users locking CRO tokens up for a minimum of 180 days.
For example, top-tier Obsidian members received 8% cashback — with most tiers offering reimbursement for Spotify, Amazon Prime, and Netflix subscription services, among other perks.
However, after June 1, 2022, Crypto.com cut these benefits — such as halving cashback, capping monthly rewards, and withdrawing subscription reimbursement — in response to the deteriorating market conditions.
Users understood that cuts were necessary — but still expressed disappointment with the suddenness of the changes.
At the time, a Redditor said phasing in the cutbacks would have been a better approach. Another said the move was too aggressive, further commenting that it could potentially result in the platform losing users.
Generous membership benefits to returnIn a recent AMA, the Crypto.com CEO explained that card benefits are funded by trading activity on the platform — making generous card perks possible during favorable market conditions.
With signs of crypto winter thawing, Marszalek said new card benefits are being discussed in readiness for the coming bull cycle. However, he did not give specifics on what these benefits would entail.
“There’s an element of brainstorming and experimentation on this front from us as we prepare for the next cycle.”
When asked about when to expect the bull market, Marszalek did not give a specific timeframe. Instead, he referred to Crypto.com’s strategy of “building during a bear market,” revealing that there is not enough time to prepare for when it does arrive.
He explained that the Bitcoin halving is one year away, leaving the company with a relatively narrow window of four quarters to develop and deliver products in anticipation of the market uptick.
“How much can you ship, and how much can you prepare in four quarters?”
Signing off, he reiterated the company’s focus on keeping its head down and building, adding that “when the market turns, we will be ready.” He then asked the viewers if they were ready.
“What you do now will determine your outcomes during the next cycle.”
The post Crypto.com CEO teases return of generous card benefits as market conditions improve appeared first on CryptoSlate.
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