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.comThe coin fell 19% to $.265. CRO had traded at above $.33 per coins on Sunday just before the announcement.
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Crypto.com made the announcement in an a blog post:
CRO Card Rewards Program will be changing to improve long-term sustainability.
Reduced CRO Card Rewards
Next month, the company will reduce the usage rewards on four of the exchange’s card tiers. Cronos cards will be reduced by 5% to 22% for the Obsidian Tier, which is the most valuable tier. The Frosted Rose Gold and Icy White Tier rewards will also be reduced from 3% down 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.
Company policy states that there is a maximum amount of CRO cards rewards that a person may earn for each of the two levels. The Ruby Steel Card’s earnings are restricted to 25 dollars or the equivalent in Euros or Dollars. For the Royal Indigo/Jade Green, however, this cap is 50 dollars.
Crypto.com will also be ending CRO Staking Rewards for Cardholders. Jade Green is, Frosted Rose Gold and Frosted Indigo are some of the cards available. Obsidian, Icy White, Frosted Rose Gold and Frosted Rose Gold are also options. Staking rewards involves coin owners “locking up” or delegating a portion of their crypto holdings to earn more interest on deposits.
The exchange stated that staking rewards were explained to them.
CRO Card Rewards Cardholders who have an active 6 month stake, and staked prior to 1 May 2022 13 00 UTC, will still be eligible for the same rate as before their 180-day stake ends. After that, rates will change to reflect the new rate. After the 180-day lock has expired, cardholders can stake CRO to earn rewards for their purchases. schedule.
Cronos Price Performance
Cronos traded lower since January 2022. Cronos’ price was $0.50 earlier in the year. However, it has fallen steadily since. CRO had been close to falling below $0.30 at one time. Cronos’ price skyrocketed during the NFL Super Bowl. But after that, there hasn’t been any sign of a recovery as the price of CRONOS crashed continuously.
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CRO’s day started in green. However, CRO lost $0.30 on the announcement of the company. CRO has seen a 19% drop in its value, reaching $0.26 the lowest point.
Featured Image from Flickr. Chart by Tradingview