Crypto.com Restarts Card Rewards After Community Backlash And Cronos (CRO) Crash

Crypto.com has opted to reverse its decision to slash card staking entirely after backlash from the cryptocurrency community.

What Happened: On Monday, Singapore-based cryptocurrency exchange Crypto.com said it would reduce the rewards on its visa-based cards.

 

The move to lower rewards was not well received by the community. The crypto exchange’s native token Cronos CRO/USD fell by more than 17% on the day.

Following the widespread community backlash, Crypto.com CEO Kris Marszalek said that it would be revising the proposed rate changes.

“The community has been really vocal about the changes to the card program announced on Monday. "We care deeply about the community, we hear you & always listen to you. As a result, we're revising card staking rates,” Marszalek said on Twitter.

Price Action: According to data from Benzinga Pro, CRO was trading at $0.29, down 5.34% over the past 24 hours.

Posted In: CronosCrypto.comCryptocurrencyNewsMarkets

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