Kris Marszalek, CEO of Crypto.com, stated the company would provide a more balanced approach, comprising 8% APY for private members and 4% APY for “Royal Indigo” and “Jade Green” cardholders.
CROUSD up +6.49%, BTCUSD down -0.09%
The decision had caused a widespread backlash among community members on social media platforms, including Twitter and Reddit. Most comments were negative as prices of native CRO token plunged by nearly 11%.
Crypto.com has backtracked its decision to full end staking rewards whereby card users locked up CRO for a 180-day period to generate yields.
Crypto.com is set to continue to offer staking rewards to its card users a day after removing the reward program. Even though the rewards are lesser than those being offered, Marszalek stated that the changes were necessary to ensure the long-term sustainability of the yields provided on its card product.