Crypto.com significantly reduces consumer rewards, leading to a drop in the price of CRO token.
The leading cryptocurrency debit card company, Crypto.com, announced today that starting from June 1st, it will be restructuring the CRO staking rewards, resulting in a reduction of card cashback benefits for the Blue card to 0, as well as decreased cashback rates for other card tiers.
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The widely-used cryptocurrency debit card company Crypto.com announced today that starting from June 1st, it will revamp the CRO staking rewards, resulting in a reduction of the card rewards for the Blue card to 0 and lowering the card rewards for other card tiers.
Existing stakers before May 1, 2022, 13:00 UTC can still enjoy the current rates until the end of their staking period. However, new rates will apply thereafter, with spending limits of $25 and $50 equivalent for the Ruby card, Blue/Green cards, respectively. There are no limits for other premium card tiers. New stakers will no longer receive CRO staking rewards. Other benefits remain unchanged.
The company stated that this change is to "ensure long-term sustainability."
In essence, this policy adjustment is aimed at maintaining the CRO token economy by implementing cost-saving measures. It appears that in a bear market, attracting both new and existing users to continue buying and staking CRO for using Crypto.com cards is not an easy task.
New card spending rewards:
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