Facing Backlash, Crypto.com Bends to Criticisms – Crypto Briefing
Days after announcing that it would be slashing its cashback benefits and ending staking rewards, Crypto.com has once again shifted course on its new policy changes in the face of public criticism.
Crypto.com is backtracking once again.
Less than a week after announcing substantial cuts to its cashback and staking rewards programs, Crypto.com is once again adjusting its course. Chief executive officer Kris Marszalek tweeted today a new set of rates and conditions more favorable to users than last week’s cuts.
He wrote that the Ruby Steel card’s cashback rewards would increase from 0.5 to 1% and that the Jade & Indigo’s rewards would increase from 1.5 to 2%. Moreover, customers can continue to earn current staking rewards on their cards for an additional six months if they lock their tokens before the beginning of June. The company will also waive the $50 card upgrade fee.
On Apr. 30, Crypto.com announced that it would be significantly slashing its cashback rewards on its pre-paid Visa cards from anywhere between 1 to 8% to between 0 and 2% and eliminating staking rewards altogether. Following intense backlash from customers, Marszalek backtracked the next day, writing that holders of the Obsidian, Icy White, and Frosted Rose Gold would be eligible for 8% returns, while Royal Indigo and Jade green card holders could earn 4%.
The CEO said that “the process has been far from ideal, but it’s important to take your feedback into account, and deliver an attractive yet balanced offering.”
Reactions have been mixed. Responding to the CEO today, one Twitter user “MKYroot” wrote:
“I currently hold the ruby red card because I’m not rich and can’t afford a higher level. Anyways, getting knocked down to 1% in CRO is just not worth it anymore. I love CRO and will stick with it long term. However, I think it’s time to switch my card rewards to another platform.”
Another user, “Bolster,” seemed pleased with the updates,
“I sold a-lot of my CRO over your recent announcement and had a long term mindset for continual upgrade. With 1 tweet you changed my 10 year plan. However, it take a strong leader to hold their hands up and say we got it wrong. My Jade green and I will stay. ICY is already gone.”
The CRO token, native to Crypto.com’s Cronos blockchain, is down almost 5% today while broader market has endured losses as well.
Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and several other cryptocurrencies.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Get daily crypto briefings and weekly Bitcoin market reports delivered right to your inbox.