The “Crypto.com” project faces a backlash from the community after the decision to cut rewards…Details here
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Answer The “Crypto.com” project faces a backlash from the community after the decision to cut rewards…Details here
Crypto.com has decided to reduce the rewards for Visa card holders, with many cryptocurrency enthusiasts skeptical of this decision and some expressing violent reactions.
The announcement came out on May 1 and stated that rewards would be reduced by an average of 69.5% and even 100% for lower tier “Midnight Blue” cardholders.
According to the company, the reason for these changes is to ensure long-term sustainability.
For the higher level card, the rewards will decrease from 8% to 5%.
There is some good news for cardholders who had an active account prior to May 1st because they will not be affected by the changes until their current term expires.Read:Opera browser partners with Solana to support dApps
In addition to reward changes, some card classes will have limits.
A “Ruby Steel” card, for example, will have a limit of $25 per month while “Jade Green” cards will have a limit of $50 per month.
Undoubtedly, these new changes upset existing users, with some even describing the decision as the dumbest move the company has ever taken.
Crypto.com CEO Chris Marsalek commented on the backlash from the community on Twitter and said:
Instead of eliminating the lottery card win rates entirely, we’ll present a more balanced approach:
- 8% APY for private members.
- 4% for Royal Indigo and Jade Green cardholders.
The announcement had a very negative impact on the CRO price as the price dropped from $0.36 to $0.28 by the end of May 1, and is currently trading at $0.30.
Over the past seven days, the price of the digital currency has fallen by 22%, according to coinmarketcap.Read:Goldman Sachs: Adoption of cryptocurrencies is not enough to increase the price of Bitcoin
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