Crypto.com slashes rewards to ‘ensure long-term sustainability’

2022-5-2 18:00

Crypto.com has announced changes to its CRO Card rewards program, effective from June 1, 2022.

The changes include a reduction in cashback, a monthly cap on the cashback receivable, and a phasing out of CRO staking rewards. The firm also recently changed its Crypto Earn program by cutting staking rewards.

The community has expressed disappointment over the changes, with many social media users signaling their intent to move on. However, Crypto.com says the changes are necessary to ensure “ensure long-term sustainability.”

What happened to Crypto.com?

Crypto.com was called the world’s fastest-growing cryptocurrency platform last year. This can be attributed to a global ad campaign fronted by Matt Damon, but most of all, its generous rewards program.

The firm operates a tiered card system, starting with a free Midnight Blue card going up to the Obsidian card, which is obtainable by staking $400,000 of CRO for 180 days.

The higher the card tier, the more generous the rewards on offer. Obsidian cardholders count 8% cashback on card spending, reimbursement on subscription services from Spotify, Amazon Prime, and Netflix, and the highest staking reward percentages, among their benefits.

But from June 1, 2022, the firm will cut many benefits. For example, a Jade Green/Royal Indigo cardholder (with an active CRO stake) currently enjoys 3% cashback when spending on the card. However, this will be cut in half from next month to 1.5%.

In addition, monthly rewards for Jade Green/Royal Indigo and Ruby Steel cardholders will get capped at $50 and $25, respectively.

Finally, staking CRO to obtain the card yielded a generous staking reward for users, up to 12% p.a for Icy White, Frosted Rose Gold, and Obsidian cardholders. But Crypto.com plans to cut this to zero after the changes take effect.

“Introducing these changes to the card program is a difficult decision. We are committed to continue exploring and forging new partnerships to unlock greater value and benefits for our cardholders such as our partnership with Dosh, a cash-back rewards platform in the U.S.”

The community responds

Social media is awash with chatter on the changes. The most upvoted comment on this Reddit post spoke of the suddenness of the changes. The poster said it wouldn’t be so bad if the changes were fazed in gradually to give people time to think things through.

“The issue here is how abrupt they did it, they could’ve made an announcement that they will gradually decrease the staking rewards so people still have time to think if they will stick with it or not.”

Another Reddit thread on the changes turns up similar comments. One poster called the move too aggressive. Adding that, Crypto.com will “undoubtedly lose a lot of people.”

“Their slashing of rewards have been too agressive, as agressive as their marketing campaign, seems like that’s their modus operandi

They will undoubtedly lose a lot of people.”

While it’s widely accepted that the generous rewards couldn’t last forever, the general consensus is that Crypto.com did not treat customers reasonably by giving users adequate time to adjust.

Since Sunday, the price of CRO has swung 25% to the downside, amid the wider weekend market sell-off. Although Bitcoin has since bounced, CRO remains under selling pressure at the present time.

Source: CROUSD on TradingView.com

The post Crypto.com slashes rewards to ‘ensure long-term sustainability’ appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Ribbit Rewards (RBR) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 RBR

rewards crypto sustainability long-term ensure slashes 2022

rewards crypto → Результатов: 126


Фото:

Bitcoin Analysts Chillingly Anticipate Months of Consolidation for BTC: Here’s Why

Bitcoin’s third-ever mining rewards halving event concluded yesterday, subsequently reducing the block rewards for miners by 50% Much to the chagrin of traders, this event did not lead to any notable volatility, as BTC has continued to experience rangebound trading in the upper-$8,000 region Analysts are now noting that BTC’s market structure does remain bullish so long as it is trading above $8,300 Despite this, the crypto could soon be subjected to months of consolidation […]

2020-5-13 21:00


Фото:

Basic Attention Token (BAT) Trading Coming to Gemini Exchange Tuesday, May 5

Co-Founder and CEO at Gemini, Tyler Winklevoss announced that the Gemini crypto exchange will support the trading of Basic Attention Token (BAT) from this coming Tuesday. He continued by earmarking brave, which is BAT’s web browser that appeals by its speed, security, privacy, and also offering its users a chance to earn rewards. The announcement […]

2020-5-2 20:38


Binance US Adds Algorand (ALGO) and Cosmos (ATOM) Staking

US-based Binance is the latest entrant into the staking game. It has joined other leading crypto exchanges by including staking rewards for cosmos (ATOM), and algorand (ALGO) cryptocurrencies. The exchange released an official announcement on Wednesday regarding this new development and stated that the returns are to be made on a month-to-month basis. ATOM and ALGO […]

2020-1-29 18:55


Mining Pools Collude to Fund Bitcoin Cash Infrastructure

Jhiang Zhuoer, CEO of BTC.TOP, a major BCH mining pool, has revealed that top miners have agreed on a proposal to divert 12.5% of the network’s block rewards to infrastructure development. A Controversial Take on Development Funding  Bitcoin Cash is about to embark on yet another string of contentious decisions as the top mining pools […] The post Mining Pools Collude to Fund Bitcoin Cash Infrastructure appeared first on Crypto Briefing.

2020-1-23 11:32


Аппаратный кошелек Ledger добавил возможность стейкинга Tezos

Компания-разработчик аппаратного кошелька Ledger добавила поддержку стейкинга криптовалюты Tezos (XTZ) в программное обеспечение Ledger Live. NEW 📢 Earn #crypto rewards through Ledger Live! You can now manage & delegate your @tezos directly in Ledger Live.

2019-12-11 18:34