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CRO Tokens Plunge Nearly 11% After Crypto.com Cuts Card and Staking Rewards

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Changes to Crypto.com’s card and staking rewards pushed token prices to fall nearly 11% as the community expressed concerns over changes set to take effect after June 1.

Source: Crypto.com

CRO USD down -5.78% BTCUSD down -0.05%

Crypto.com stated that it would reduce rewards on the usage of its Visa-driven cards based on the tiers offered. Lower tiers, including Midnight Blue and Ruby Steel, would get 0%, while the highest tier would get only 2%.

Monthly rewards on the lower tiers would be limited from $25 to $50 as there would be no rewards cap on the higher tiers.

Staking rewards on Crypto.com’s cards would additionally stop after completion of the 180-day for people who staked on May 1 or before.

These are significant declines from current rates of 1% on the lower-tier cards to more than 8% on the highest tier, depending on the funds staked.

Crypto.com’s prepaid cards are a popular product within the cryptocurrency industry, allowing users to deposit supported cryptocurrencies and spend fiat at Visa merchants.

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