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Crypto.com Restarts Staking Rewards After Community Furor
Staking rewards of as much as 8% will be offered to its card users, the company’s CEO said.
Updated May 11, 2023, 6:45 p.m. Published May 3, 2022, 5:51 a.m.
Crypto.com CEO Kris Marszalek said the firm will continue to offer staking rewards to its card users a day eliminating the reward program.
- The decision had led to a vocal backlash among community members on social media sites like Reddit and Twitter. Most comments were negative and critical, as reported, while the price of Crypto.com’s native CRO tokens fell by as much as 11% in the hours afterward.
- Crypto.com has since backtracked on its decision to fully end staking rewards, where card users locked up CRO for a 180-day period to earn yields.
- “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,” Marszalek said in a tweet on Tuesday morning, referring annual percentage yield.
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
— Kris | Crypto.com (@kris) May 3, 2022
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- The rewards are still less than those offered now, with some users still expressing dismay. Marszalek, however, noted the changes were necessary to ensure “long-term sustainability” of the yields offered on its card product.
- CRO is down 10% in the past 24 hours, but showed a slight recovery during Asian trading hours on Tuesday after Marszalek’s tweet, CoinGecko data shows.
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