Cronos

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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.com, the coin dropped by 19% to $.265. On Sunday before the announcement, CRO was trading above $.33 per coin. 
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Crypto.com announced the changes in a blog post:
To ensure long-term sustainability, we are introducing a number of changes to the CRO Card rewards programme, effective 1 June 2022 00:00 UTC.
CRO Card Rewards Cut Down
Next month, the company will reduce the usage rewards on four of the exchange’s card tiers.  The most premium tier, the Obsidian tier, will see a Cronos card reward reduction from 5% to 2%. In addition, the Icy White / Frosted Rose Gold tier reward will be pulled down from 3% 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.
 CRO price trading at $0.27 after company announcement of rewards cut down | Source: CRO/USD price chart from Tradingview.com
According to company policy, there will be a limit on how much a person can earn CRO card rewards for two tiers. For example, the Ruby Steel Card earns are limited to $25 or equivalent in other fiat currencies like Dollars and Euros. While for the Royal Indigo/Jade Green tier, the cap is set at $50.
In Addition, Crypto.com is phasing out CRO staking rewards for cardholders. Cards include Jade Green, Royal Indigo, Frosted Rose Gold, Icy White, and Obsidian. Staking rewards involves coin owners “locking up” or delegating a portion of their crypto holdings to earn more interest on deposits.
While explaining staking rewards, the exchange said;
Cardholders with an active 6-month stake and who staked before 1 May 2022 13:00 UTC will continue to earn CRO Card rewards on spending at the current rate until their 180-day stake expires. Thereafter, the revised rates will apply. Cardholders who stake CRO after their 180-day lock expires will earn card spending rewards as per the schedule.
Cronos Price Performance
Since the start of January 2022, Cronos has been trading lower. The price of CRO was over $0.50 at the beginning of the year, but it has been retreating since then. At one point, CRO was close to sliding below $0.30. 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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In the last 24 hours, CRO started the day in green, but after the company announcement price crashed below $0.30. Since then, the coin has lost 19% of its value and reached $0.26 lowest level.  
                         Featured image from Flickr, chart from Tradingview


On Monday, Crypto.com&#8217;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.com, the coin dropped by 19% to $.265. On Sunday before the announcement, CRO...

newsbtc.com

CRO Coin Falls 19% After Crypto.com Announces Rewards Cut Down To Cardholders

Popular cryptocurrency exchange CryptoCom has come under fire following its latest decision to slash its staking rewards. In a blog post published on Sunday, the platform revealed that effective June 1, it would cut down Cronos (CRO) rewards on card usage.
CryptoCom Slashes Card Rewards
As per the update, users with lower-tier cards, including the Midnight Blue and Ruby Steel, would get 0% on CRO rewards. Those with Royal Indigo and Jade Green would receive 0.5%; Icy White and Frosted Rose Gold would receive 1%, and users with the highest level of CryptoCom cards, Obsidian, would receive 2%.
The new update is a significant change in the CRO rewards, considering that the current rates are 1% for the lower tiers and over 8% for the highest tier.
Additionally, the exchange noted that its monthly CRO Card rewards for Ruby Steel and Royal Indigo/ Jade Green would be capped between $25 and $50 respectively. The higher tier cards, however, would have no monthly rewards cap.
CryptoCom also pointed out that it would no longer offer staking rewards to cardholders, except for those with Midnight Blue and Ruby Steel, which are the two lowest tiers. However, cardholders who have an active 6-month stake and those who staked before May 1 will continue to receive their CRO rewards until the end of their 180-day staking period.
Other benefits that cardholders enjoy, including 100% cashback on subscription services such as Amazon Prime and Netflix, complimentary airport lounge access, and more, would remain unchanged.
CRO Plummets As CryptoCom Users React
CryptoCom users have expressed their displeasure with the latest updates on the platform’s cards and staking rewards. Some users stated that they no longer had any reason to continue on the exchange following the recent changes.
Others complained bitterly about the “no staking rewards” update, with some calling out CryptoCom’s latest move as being equal to a rug pull.
Shortly after the company announced the update, its native token, CRO, plummeted. The cryptocurrency is currently down 15% over the past 24 hours and is trading at $0.29 at the time of writing.


Fresh updates on CryptoCom's visa card and staking rewards have spurred a massive backlash from the community, driving the price of its native token down.

Cronos price	$0.189624
Low - High 24H	$0.185633 - $0.190967
Market cap	$4.78B
Volume 24H	$20.13M
All time high	$0.965407 -80.38% November 24th 2021
All time low	$0.01212 1462.65% February 8th 2019
Genesis date	N/A

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