Cryptocurrency exchange Crypto.com took a step back today after canceling most of its bounty program yesterday.
“Staking Awards Will Continue”
CEO Kris Marszalek, in his statement, said that staking rewards will continue for users who use the exchange’s card.
After the company stopped staking rewards almost completely, investors on social media sites such as Reddit and Twitter voiced their displeasure.
With the majority of user comments on the subject being negative and critical, Crypto.com’s own altcoin the one which… CRO The token had lost approximately 11%.
The decision to terminate the staking rewards program, which requires card users to stake CRO for 180 days to earn profits, has been revoked by the company.
Marszalek used the following phrases in his tweet today:
“Instead of completely deleting card staking reward rates, we will now offer a more balanced approach. We have set 8% APY for special members (Obsidian, Icy White and Frosted Rose Gold) and 4% APY for Royal Indigo and Jade Green cardholders.”
Instead of eliminating card staking earn rates completely, we will offer a more balanced approach: 8% APY for Private Members (Obsidian, Icy White, and Frosted Rose Gold) 4% APY for Royal Indigo and Jade Green card holders
— Chris | Crypto.com (@kris) May 3, 2022
“Cryptocurrency Rewards Are Still Lower Than Before”
However, let us remind you that the reward rates are still lower than before.
Some users expressed their reactions on social media for this reason. In response to these reactions, Marszalek argued that “these changes are necessary in order to sustain the long-term rewards offered by the card product.
The CRO price had lost 10% in the last hour, but after Marszalek’s tweet, the price started to recover.
*Not investment advice.