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Cryptocom's Cronos (CRO): Plunge 30 percent after reducing rewards for staking

 


Cryptocurrency exchange Crypto.com has announced that it will sharply reduce Cronos ( CRO ) staking rewards for most tiers of the VISA prepaid card. As a result, the token price has fallen by around 30 percent in less than a week.


A Sunday blog post explained that card rewards will be reduced by an average of 69.5 percent, or 100 percent at the lowest tier of the Midnight Blue card, "to ensure long-term sustainability." At the top tier, the Obsidian card, which requires a minimum stake of $400,000 in CRO, the rewards drop from 8 percent to 5 percent. The rewards program changes will take effect on June 1st.


However, for cardholders who had a six-month active stake prior to Sunday, the rewards program will not change until the current term expires.


In addition to reward percentages, a three-tier card cap is also being introduced. The Ruby Steel tier has a monthly cap of $25, while Royal Indigo and Jade Green have a monthly cap of $50.


Current stakers are upset by this sudden change on the part of the exchange. Prominent staker Devchart said on Twitter Monday that the exchange's decision was "the dumbest move of the day.


Responding to criticism from the community, Crypto.com CEO Kris Marszalek tweeted Tuesday that the planned changes will be adjusted again as the exchange wants to take "a more balanced approach."


He said private members using Obsidian, Icy White, and Frosted Rose Gold would get an 8 percent annual return instead of changing each tier individually. Royal Indigo and Jade Green owners would receive a 4 percent annual return. This adjustment has not yet been confirmed on the exchange's blog.


"Crypto.com aims to provide the best possible products and services tailored to the needs of our customers around the world. Our recent changes serve the purpose of making our rapidly growing programs sustainable over the long term and we continue to offer our customers attractive rewards and opportunities ."


These changes had a significant negative impact on the price of CRO, the Crypto.com blockchain network's native token called CRONOS. CRO's price gradually fell from $0.36 to $0.28 on Sunday. According to CoinGecko , it has plunged 30 percent in the past seven days.

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