Stock Groups

Crypto.com Reduces CRO Card Rewards -Breaking

by Mike Robinson

[ad_1]

Crypto.com Reductions on Rewards for CRO Cards

Crypto.com released updates on its CRO card rewards programe Sunday. The changes come as part of the company’s long-term sustainability strategy, and will come into effect on the first day of June 2022.

Crypto.com reports that the company is making three significant changes to crypto Visa cards. This includes reducing CRO Cards rewards and the introduction of a monthly cap on CRO Rewards. Also, CRO Card Staking rewards will cease to be available.

Crypto.com will decrease CRO reward points for the 5 card tiers starting on the first of July. New reward rates for existing cards are approximately 3%-1.5% lower than their current counterparts. The highest percentage reduction is being applied to top-tier ‘Obsidian’ cards, for which the reward percentage is being lowered from its current 8%, down to 5% starting June 1st.

For ‘Frosted Rose Gold’ and ‘Icy White’ tier cardholders, CRO rewards will be reduced to 3%, from 5%, while ‘Royal Indigo’ and ‘Jade Green’ users will get 1.5% instead of the previous 3%, and finally ‘Ruby Steel’ cardholders will only be able to earn 0.5% instead of the previous 2% from CRO rewards.

Perhaps the biggest change is that owners of the lowest card tier, ‘Midnight Blue’, will be no longer able to earn CRO rewards at all, having previously been eligible for 1% CRO reward options.

Crypto.com cardholders that had 180-day active stakes prior to May 1st won’t be subject to any of these changes. Up until their stakes expires, such cardholders will still be eligible for CRO Rewards on spending at the current rates. After that time, new rates will take effect.

Crypto.com will introduce monthly caps to limit the amount of CRO rewards users earn from spending with Crypto.com Visa Cards. The maximum monthly reward for lower-tier cards is $25-50, but the upper-tier rewards are not.

The third and final modification is that the cryptocurrency exchange app won’t support CRO rewards for Jade Greens, Frosted Rose Golds, Frosted Indigos, Frosted Rose Golds, Icy whites, Obsidian cardholders, starting June 1. The company stated that cardholders with a 6-month active stake and those who staked prior to May 1st will still be eligible for CRO staking reward until the expiration of the 180-day staking period.

Crypto.com stated that they will not make any changes to other card benefits, like the 100% reimbursements for Amazon Prime, Spotify, and Netflix subscription services.

CRO Token Plunges

Crypto.com’s changes were met with skeptical reactions by the cryptocurrency market. Crypto.com’s native token, CRO (or Crypto.com) lost over 17% on Sunday. It fell from $0.355 down to $0.292 within 12 hours.

CRO traded below $0.30 on Monday despite its 9% rebound. CRO is now trading at $0.30, the lowest level it has seen since November 2021. This comes after CRO reached its all-time high of $0.96 on November 24th.

What You Need to Care About

Crypto.com’s crypto card program, available in 40 countries, is one of the world’s most popular crypto-linked card programs. It has more than 10 million active users from 90 countries.

Continue reading on DailyCoin



[ad_2]