CRO Coin Falls 19% After Crypto.com Announces Rewards Cut Down To Cardholders

On Monday, Crypto.com’s Cronos (CRO) slide followed suit with a sharp drop after the crypto exchange said it was reducing some staking and rewards tied to its popular pre-paid Visa cards. According to Tradingview.com, the coin dropped by 19% to $.265. On Sunday before the announcement, CRO was trading above $.33 per coin. Related Reading | TA: Bitcoin Consolidates Below $39k: What Could Trigger Another Decline Crypto.com announced the changes in a blog post: To ensure long-term sustainability, we are introducing a number of changes to the CRO Card rewards programme, effective 1 June 2022 00:00 UTC. CRO Card Rewards Cut Down Next month, the company will reduce the usage rewards on four of the exchange’s card tiers. The most premium tier, the Obsidian tier, will see a Cronos card reward reduction from 5% to 2%. In addition, the Icy White / Frosted Rose Gold tier reward will be pulled down from 3% to 1%. The top tier of the company’s card program, Obsidian carries a $400,000 staking requirement and offers up to 8% cashback at retailers. According to company policy, there will be a limit on how much a person can earn CRO card rewards for two tiers. For example, the Ruby Steel Card earns are limited to $25 or equivalent in other fiat currencies like Dollars and Euros. While for the Royal Indigo/Jade Green tier, the cap is set at $50. In Addition, Crypto.com is phasing out CRO staking rewards for cardholders. Cards ...