to Crypto.com Depending on the amount of money deposited in CRO, members are issued one of seven different metal Visa cards. For the first card named “Midnight Blue”, you get a 1% stake reward. If you deposit $400,000 in your Crypto.com wallet and lock it for at least 180 days, you can even get up to 8% in staking rewards with the “Obsidian” black card. This is the highest level.
Restrictions for more durability
On Sunday, the fintech company announced the cuts to these rewards in a blog post. For the lowest tier, rewards should be reduced by an average of 69.5%. For the highest Obsidian level, the staking bounty should drop from 8% to 5%.
In addition to reduced wagering rewards, there are additional restrictions. The company wants to introduce a monthly reward limit for three different cards. The “Ruby” Steel card has a monthly limit of $25, while the “Royal Indigo” and “Jade Green” cards have a monthly reward limit of $50.
Did the company miscalculate in advance? Singapore CEO Kris Marszalek wrote on Twitter that the company is growing fast and he wants to make the staking program sustainable. So, going forward, it needs to reduce the rewards to ensure “long-term sustainability” and the returns on offer.
The changes to the rewards plan are expected to go into effect June 1. However, for all cardholders who had an active staking commitment of six months (180 days) prior to Sunday, the rewards schedule will not change until their current tenure expires.
Crypto.com customers are clearly irritated by the sudden cuts. development grapha major crypto player, told his 170,000 Twitter followers that the exchange’s decision was “the dumbest decision of the day.”
Marszalek reacts quickly to the negative mood of the community and tries to appease it. On Twitter, he explains that he wants to adjust staking reward rates fairly.
Rather than completely removing or drastically reducing card staking rewards, Crypto.com aims to offer a more balanced approach. Nevertheless, the possible benefits for customers are diminishing.
The result: 8% for all private members with Obsidian, Icy White and Frosted Rose Gold cards, and 4% staking reward for all owners of Royal Indigo and Jade Green cards. The decision has not yet been officially confirmed. Nevertheless, the Cronos (CRO) price has already recovered. It is currently trading at just under US$0.3, up nearly 1% on the day.
There is currently no information on staking rewards for Ruby Steel and Midnight Blue holders. Presumably rewards will be omitted in these cases.
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