Never change the winning team! – Crypto.com Card Reviews & Rewards Caused the CRO price to drop by 11%. community express a second His dismay at the changes that were due to take effect after 1 June. In addition, it is planned to stop offering staking rewards to card holders after the 180-day period. Society’s anger paid off and the stock market was forced to retreat
Crypto.com Visa Card Reviews
In a blog post, Crypto.com said it will cut back on its Visa card rewards According to certain levels. Midnight Blue and Ruby Steel levels were getting 0%. Royal Indigo and Jade Green each earned 0.5%. Icy White and Frosted Rose Gold were supposed to get 1%. Finally, Obsidian, the highest, was expected to gain just 2%.
Monthly bonuses are set at minimum levels from $25 to $50. However, it wasn’t supposed to be there Reward cap for higher levelsAccording to the company.
Rewards on Crypto.com cards are also set to stop after the 180-day period has expired for anyone who earned them until May 1. Except for lower level cards. This was a sharp decline from current rates.. In fact, it is currently 1% in lower level cards. The rate of higher level cards increases to more than 8% depending on the money accumulated.
Crypto.com prepaid cards are a popular crypto product. It allows users to download supported cryptocurrencies or stablecoins and Fiat spends in merchants who accept visa.
However, other card benefits, such as cashback on subscription services, persisted. Furthermore it, Crypto.com Earn Product Interest Rateswhich allows users to earn up to 14% on cryptocurrency holdings, remains unchanged.
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CRO . SOAP DOES NOT FOAM
Users expressed their own map dissatisfaction with these changes On social networks Reddit and Twitter. Most of them criticized this decision.
“I will continue to use the card for the remainder of my storage period, then withdraw and deposit the card”a user on Reddit said. “This is not the end but they have lost a lot of customers”Another said.
On Twitter, some said so Rates of Return on Decentralized Finance (DeFi) Applications It was more profitable. It is indeed a better way to increase idle capital.
Prices for CRO, the original token of Crypto.com, have It’s down 11% at the time of writing. In fact, most losses occur immediately after this award decision. In fact, the CRO traded above $0.36 on Sunday and fell to $0.29 on Monday, before recovering slightly.
“The installation of CRO tokens has allowed users to rewards and incentivize their debit card usage (…) and the reduction of the cashback rewards has reduced the intrinsic value proposition of the CRO. This is similar to how DeFi protocols use liquidity mining to attract assets. It is often intended to implant liquidity, and in DeFi we see that when incentives run out, the price of the token often suffers.”
Edson Ayalon, Product Manager at dHEDGE
As of this writing, Crypto.com CEO Chris Marsalek said that the company will continue to offer staking rewards to its card users. announce Cancellation of planned changes to the rewards programs.
In fact, this option, which provoked a strong reaction among members of society, had to be reconsidered. So Crypto.com reconsidered its decision To completely finish the collected rewards. Card users block their CRO there for 180 days to earn returns.
“Instead of completely eliminating card win rates, we will offer a more balanced approach: 8% APY for Special Members (Obsidian, Icy White, Frosted Rose Gold) 4% APY for Royal Indigo and Jade Green card holders.”
Chris Marsalek, CEO of Crypto.com
The rewards are still lower than those currently offered. So some users still express their dissatisfaction. However, Chris Marsalek noted that the changes were Necessary to ensure “long-term sustainability” Returns presented on the exchange card.
This type of card is becoming 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 map.
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