Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

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.
  • 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.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

CoinDesk - Unknown

Shaurya is an analyst/editor for CoinDesk's markets team in Asia.