Never change a winning team! – Crypto.com card and reward revisions caused the price of CRO to fall by 11%. Society expressed a new time his dismay at the changes that were to take effect after June 1st. In addition, it was planned to stop offering effort rewards to cardholders after a period of 180 days. The rage of the community paid off, and the exchange had to withdraw
Crypto.com Visa Card Reviews
In a blog post, Crypto.com said it would cut back on its Visa card rewards after certain levels. Midnight Blue and Ruby Steel levels should get 0%. Royal Indigo and Jade Green were to receive 0.5 per cent. Icy White and Frosted Rose Gold should get 1%. Finally, Obsidian, the highest level, was expected to receive only 2%.
Monthly rewards at lower levels should be limited to $ 25- $ 50. However, that should not be the case reward ceiling for higher levelsaccording to the company.
Rewards on Crypto.com cards were also set to expire after the 180-day period ended for all who received them until May 1st. Except for the cards on the two lowest levels. This was a steep decline over current rates.. In fact, it is currently 1% on lower level cards. The rate for the cards at the highest level goes up to more than 8% depending on the funds invested.
Crypto.com prepaid cards are a popular product in the crypto sphere. They allow users to upload supported cryptocurrencies or stack coins and use in fiat at merchants who accepts visas.
However, other card benefits, such as cashback on subscription services, should continue. Moreover, interest on Crypto.com’s Earn productwhich allows users to earn up to 14% on cryptocurrencies, should remain unchanged.
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The CRO is not foamed
Card users expressed their dismay at these changes on the social networks Reddit and Twitter. Most of them criticized this decision.
“I will continue to use the card for the rest of my commitment period, then I will retire and say goodbye to the card”said a user on Reddit. “It’s not over, but they’ve just lost a lot of customers”said another.
On Twitter, some said so the returns offered on decentralized financing applications (DeFi). was much more lucrative. They really are a better way to grow your available capital.
The prices for CRO, the original token from Crypto.com, have decreased 11% at the time of writing. In fact, most of the losses happen right after this award decision. In fact, the CRO traded above $ 0.36 on Sunday and fell to $ 0.29 on Monday before turning slightly.
“The use of CRO tokens has enabled rewards for users and encouraged the use of their payment cards (…) The reduction in cashback rewards has reduced the intrinsic value of CRO. This is similar to how DeFi protocols use liquidity mining to attract assets. It is often intended to seed liquidity, and we see in DeFi that when the incentives dry up, the token price often gets 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 effort rewards to its card users. He announced cancellation of planned changes to the rewards programs.
This election, which had provoked a strong reaction among the members of society, had to be reviewed. Crypto.com therefore reconsidered its decision to completely complete effort rewards. Card users lock CRO there for a period of 180 days to get a return.
“Instead of completely eliminating payout rates for card bets, we will 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 offered. Therefore, some users still express their dissatisfaction. Kris Marszalek, however, noted that the changes were necessary to ensure “long-term sustainability” return is offered on the exchange card.
This kind of card is becoming more democratic and Crypto.com could have lost quite a few users in its approach. Some have already announced that they will turn to DeFi or to Binance exchange card.
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