Well-liked cryptocurrency change CryptoCom has come below hearth following its newest choice to slash its staking rewards. In a weblog submit printed on Sunday, the platform revealed that efficient June 1, it might lower down Cronos (CRO) rewards on card utilization.
CryptoCom Slashes Card Rewards
As per the update, customers with lower-tier playing cards, together with the Midnight Blue and Ruby Metal, would get 0% on CRO rewards. These with Royal Indigo and Jade Inexperienced would obtain 0.5%; Icy White and Frosted Rose Gold would obtain 1%, and customers with the very best stage of CryptoCom playing cards, Obsidian, would obtain 2%.
The brand new replace is a major change within the CRO rewards, contemplating that the present charges are 1% for the decrease tiers and over 8% for the very best tier.
Moreover, the change famous that its month-to-month CRO Card rewards for Ruby Metal and Royal Indigo/ Jade Inexperienced can be capped between $25 and $50 respectively. The upper tier playing cards, nevertheless, would don’t have any month-to-month rewards cap.
CryptoCom additionally identified that it might not provide staking rewards to cardholders, aside from these with Midnight Blue and Ruby Metal, that are the 2 lowest tiers. Nevertheless, cardholders who’ve an energetic 6-month stake and people who staked earlier than Might 1 will proceed to obtain their CRO rewards till the tip of their 180-day staking interval.
Different advantages that cardholders take pleasure in, together with 100% cashback on subscription providers akin to Amazon Prime and Netflix, complimentary airport lounge entry, and extra, would stay unchanged.
CRO Plummets As CryptoCom Customers React
CryptoCom customers have expressed their displeasure with the most recent updates on the platform’s playing cards and staking rewards. Some customers acknowledged that they not had any cause to proceed on the change following the current modifications.
Others complained bitterly concerning the “no staking rewards” replace, with some calling out CryptoCom’s newest transfer as being equal to a rug pull.
Shortly after the corporate introduced the replace, its native token, CRO, plummeted. The cryptocurrency is at present down 15% over the previous 24 hours and is buying and selling at $0.29 on the time of writing.
Binance Free $100 (Unique): Use this hyperlink to register and obtain $100 free and 10% off charges on Binance Futures first month (phrases).
PrimeXBT Particular Supply: Use this hyperlink to register & enter POTATO50 code to obtain as much as $7,000 in your deposits.
