Crypto.com tokens slide after card, staking rewards get reduced

Crypto.com Coin (CRO-USD) tokens are drifting lower by 14% to $0.29 in Monday morning trading after the company said it will reduce its Visa-enabled card and staking rewards effective June 1. Staking is the process of earning an annual reward in return for holding a position in a certain crypto, a similar process to depositing cash in a traditional savings account, though staking yields are typically much higher. Specifically, Crypto.com (CRO-USD) will reduce rewards on the usage of its Visa cards based on the card tiers offered. Cardholders that have Midnight Blue, the lowest tier, would get 0%, while Obsidian, the highest tier, would get 2%, according to a blog post. This compares with current rates of 1% on lower tiers and more than 8% on the highest tier, according to the company's website. After the effective date, CRO staking rewards will no longer be offered to the following tiers: Jade Green, Royal