Leading crypto platform, Crypto.com has announced a massive slash in its user rewards. The announcement was made on the 1st of May, 2022.
The platform made it known that introducing the cut-down on user rewards was a difficult decision to make. However, it seems to be the best option at the moment as they look for other means to incentivize users.
The crypto platform reduced CRO token rewards on its visa cards and implemented a cap on the maximum amount of CRO tokens users can earn from spending with the CRO card.
The platform has several tiers for its visa card; Midnight blue, Ruby Steel, Royal Indigo, Jade green, Icy white, and Rose gold.
After the rewards revision, the Midnight blue and Ruby steel cards will no longer earn rewards for zero stakes. The Ruby steel will now earn a 0.5% reward for active stakes.
Users of the Royal indigo and Jade green cards will get 0.5% rewards for zeros stakes and a 1.5% reward for active stakes.
Users of the White/Frosted gold will get a 1% reward for no stakes and a 3% reward for active stakes.
The Obsidian card, which is the highest tier will get just 2% for no stakes and a 5% run reward for active stakes.
The company also stated that it will cease staking rewards after a 180-day period is complete.
Obsidian card users will now earn 8% less than they initially earned, while Midnight blue and Ruby steel users earn 1% less than before.
Members of the crypto.com ecosystem have expressed their disappointment in the sudden reduction of user rewards. At the moment, many Crypto.com users are looking for alternative platforms with captivating user rewards.
Following the revision, the price of the CRONOS token dropped by 17% within the last 24 hours. CRONOS now trades at $0.29 which is significantly lower than its high of $0.4 last week.