- CRO price bleeds 7% overnight as Crypto.com introduces a cap on monthly card rewards.
- The Crypto.com community condemns the decision to offer 0% rewards to lower-tier cardholders.
- Crypto.com’s CRO price crumbled after the community reacted in dismay over the exchange’s announcement that it will not be offering rewards to lower tier cardholders anymore, with effect from June 1.
CRO price plummets as community condemns reward program changes
In a blog post, Crypto.com revealed changes in rewards on the usage of its Visa-enabled cards in several tiers. The exchange platform announced 0% rewards for lower-tier cardholders, such as Midnight Blue and Ruby Steel and 0.5% for Royal Indigo and Jade Green. Meanwhile, the highest tier Obsidian would receive 2% rewards.
The CRO community has condemned the reward structure, and the token’s price took a nosedive, posting 7% losses overnight.
Crypto.com Visa cards were launched in November 2018 and offered to users across 40 countries. More recently the platform has wanted to ensure the long-term sustainability of the card and introduced a myriad of changes, effective June 1, 2022.
— Crypto.com (@cryptocom) May 1, 2022https://t.co/vCNztABJoG Visa Cards Update: changes to the CRO Card rewards programme
️ Effective 1 June 2022
✅ No change to card terms until your active 180-day stake expires
✅ No change to 100% reimbursem*nts of popular subscriptions & unlimited airport lounge access pic.twitter.com/LZFHaW46hD
Though cardholders with an active 6-month stake were offered CRO earnings at the current rate until the end of the 180 days, the new rates looked unattractive to holders. The exchange introduced a cap on rewards on the Ruby Steel and Royal Indigo cards.
Monthly CRO Card rewards
There are no other changes in card benefits, and members continue to receive 100% reimbursem*nts on their monthly subscription services. Higher-tier cardholders continue to enjoy services like airport lounge access.
Interestingly, post Crypto.com’s announcement, nearly 70 million CRO has been undelegated from the Crypto.com chain.
Staked CRO
Analysts have revealed a bearish outlook on Crypto.com price and predicted a further drop in the token.
At the same time, they argue that as long as the CRO price remains below $0.50 this is the right time to accumulate Crypto.com.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
