News

Crypto.com staking rewards have been reduced by 30%

Exchange of cryptocurrencies Crypto.com revealed significant cutbacks in Crypto.comstaking payouts for most tiers of their VISA prepaid card, causing the token price to plummet by more than 30% in less than a week.

Crypto.com staking rewards have been reduced by 30%

Its May 1 blog post states that “to guarantee long-term sustainability,” card rewards will be lowered by an average of 69.5 percent, and 100 percent on its lowest tier Midnight Blue card. Rewards on the top tier Obsidian card, which requires at least $400,000 in Crypto.com to be staked, will be reduced from 8% to 5%. The new rewards schedule will go into effect on June 1st.

Cardholders with a six-month active stake prior to May 1 will not see their rewards schedule alter until their current term ends.

There will be a cap on three tiers of cards, in addition to the reward rates. The Ruby Steel tier will have a reward limit of $25/month, while the Royal Indigo and Jade Green cards will have a reward limit of $50/month.

Crypto.com unexpected decision to modify the payouts has infuriated current stakers

Crypto.com staking rewards have been reduced by 30%

On May 2, Devchart, a well-known staker, told his 170,000 Twitter followers that the exchange’s decision was “the worst move of the day.”

Crypto.com CEO Kris Marszalek responded to the controversy by tweeting on May 3 that planned adjustments would be changed to reflect “a more fair approach.”

Private Members who use the Obsidian, Icy White, and Frosted Rose Gold cards will earn a yearly yield of 8%, rather than specific modifications per tier, he stated. Holders of Royal Indigo and Jade Green would receive a 4% yearly yield. The exchange’s blog has not yet confirmed this adjustment.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Annie

CoinCu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

BlockDAG Surges Past $170M as BDAG250 Bonus End Countdown Begins – Aave Targets $400 & Solana Shines with Scalability

BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…

58 minutes ago

Qubetics Presale Price Surge Approaches: The Best Coins to Invest in Right Now While Toncoin, and XRP Gain Traction

Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…

1 hour ago

Book of Meme Old News? This Best Meme Coin to Invest in 2024 Is Multiplying Gains Like a Champ

Over the years, meme coins have evolved from inside jokes into serious investment opportunities.

2 hours ago

Time’s Ticking on BlockDAG’s 5-Tier Bonus- Few Days Left to Grab It While Cardano Whales Take Action, Aave Rallies Strong

Discover BlockDAG's five-tier bonus program's closing phases that enhance buyer holdings. Gain insights on the…

3 hours ago

Best Altcoins to Buy for 2025: Qubetics Presale Surge, Solana’s Lightning Speed, and Cardano’s Blockchain Revolution

Discover why Qubetics, Solana, and Cardano are redefining the crypto landscape. Learn about milestones, price…

4 hours ago

Why Qubetics, NEAR Protocol, and IMX Are Dominating Crypto: The Best Altcoins to Join Today for Game-Changing Returns 

Discover why Qubetics, NEAR Protocol, and Immutable X are the best altcoins to join today,…

6 hours ago

This website uses cookies.