The world’s sixth-largest exchange has shot itself in the foot by announcing substantial reductions in rewards for its Visa cardholders, causing CRO price to tank.
Crypto exchange Crypto.com announced severe reductions to CRO staking rewards for most tiers of its VISA prepaid card which has forced the token price to fall around 30% in less than a week.Its May 1 blog post explains that card rewards will be reduced by an average of 69.5%, and 100% on its lowest tier Midnight Blue card “to ensure long-term sustainability.” On its highest tier Obsidian card which requires at least $400,000 in CRO to be staked, rewards will drop from 8% to 5%. Changes to the rewards schedule will begin on June 1.However, cardholders who had an active six-month stake before May 1 will not see their rewards schedule change until their current term expires.In addition to rewards rates, there will also be a cap set on three tiers of cards. The
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