Never change a winning team! – Crypto.com Card and Rewards Revisions caused the price of CRO to fall by 11%† The community expressed a new time his dismay at the changes that would come into effect after June 1. In addition, it was planned to stop offering strike rewards to cardholders after a 180-day period. The community’s anger paid off and the exchange had to backfire
Crypto.com Visa Card Reviews
In a blog post, Crypto.com said it would reduce its Visa card rewards according to certain levels† The Midnight Blue and Ruby Steel levels would get 0%. Royal Indigo and Jade Green would get 0.5%. Icy White and Frosted Rose Gold would get 1%. Finally, Obsidian, the highest level, was expected to gain just 2%.
Lower tier monthly rewards would be capped at $25-$50. However, it wasn’t allowed reward limit for higher levelsthe company said.
Rewards on Crypto.com cards would also be discontinued after the 180-day period expired for anyone who received them until May 1. Except the cards of the two lowest levels. This was a sharp drop from current rates.† Indeed, it is currently 1% on lower level cards. The rate of the highest level cards goes up to more than 8% depending on the money wagered.
Crypto.com prepaid cards are a popular product in the crypto world. Allows users to upload supported cryptocurrencies or stablecoins and issue in fiat at dealers that accept Visa.
However, other card benefits, such as cashback on subscription services, would remain. Moreover, interest rates on Crypto.com’s Earn productallowing users to earn up to 14% on crypto holdings would remain unchanged.
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The CRO is not soaped
Card users expressed their dismay at these changes on the social networks Reddit and Twitter. Most criticized this decision.
“I will continue to use the card for the rest of my strike period, then withdraw and say goodbye to the card”said one user on Reddit. “It’s not the end, but they just lost a lot of customers”said another.
On Twitter some said that the returns offered on decentralized financing applications (DeFi) were much more lucrative. Indeed, they are a better way to grow your idle capital.
Prices for CRO, Crypto.com’s native token, have dropped 11% at time of writing† In fact, most losses occur right after this grant decision. Indeed, the CRO traded above USD 0.36 on Sunday and fell as low as USD 0.29 on Monday before recovering slightly.
“The deployment of CRO tokens has enabled rewards for users and boosted the use of their debit card (…) The reduction in cashback rewards has reduced the intrinsic value proposition of CRO. This is similar to how DeFi protocols use liquidity mining to raise assets. It is often intended to seed liquidity, and we see in DeFi that when the incentives dry up, the token price often takes a hit. †
Edson Ayllon, Product Manager at dHEDGE
At the time of writing, Crypto.com CEO Kris Marszalek said the company will continue to offer strike rewards to its card users. He announced the cancellation of scheduled changes to the rewards programs.
This choice, which had provoked strong reactions from members of the community, indeed had to be reconsidered. Crypto.com has therefore reconsidered its decision to end reward cessation completely. Card users lock in CRO there for a period of 180 days to earn returns.
“Instead of completely eliminating card staking win rates, we offer a more balanced approach: 8% APY for private members (Obsidian, Icy White and Frosted Rose Gold) 4% APY for Royal Indigo cardholders and Jade Green »
Kris Marszalek, CEO of Crypto.com
The rewards are still lower than those currently being offered. Some users are therefore still expressing their displeasure. However, Kris Marszalek noted that the changes were: necessary to ensure “long-term sustainability” returns offered on the trading card.
These kinds of cards are becoming more and more democratic and Crypto.com could have lost quite a few users in his approach. Some have already announced that they will turn to DeFi or to Binance exchange card†
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