The native cryptocurrency of Crypto.com exchange experienced significant volatility Monday following announced reductions to its Visa card rewards program.
Key Changes to Crypto.com's Card Rewards Program
- CRO coin plunged 17% to $0.2941 following the announcement
- Reduced cashback rewards across multiple card tiers (effective June 1)
- Phased elimination of CRO staking rewards for premium cards
- New monthly caps imposed on Ruby Steel and Royal Indigo/Jade Green tiers
Reward Structure Modifications
| Card Tier | Previous Reward | New Reward |
|---|---|---|
| Obsidian | 5% | 2% |
| Icy White/Rose Gold | 3% | 1% |
The Obsidian card—requiring a $400,000 stake—previously offered 8% cashback at retail partners.
Program Sustainability Measures
Crypto.com emphasized these changes ensure "long-term sustainability" for their 40-country operation. Notable adjustments include:
- Spending reward reductions for four card tiers
- Monthly reward caps ($25 for Ruby Steel, $50 for Royal Indigo/Jade Green)
- Gradual sunset of staking rewards for premium cardholders
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Staking Reward Phaseout Timeline
- Existing six-month stakes continue current benefits until expiration
- New stakes after lock periods earn modified spending rewards
- No new staking rewards for Jade Green, Royal Indigo, Icy White, Rose Gold, or Obsidian tiers
Market Reaction and Context
The CRO price decline coincided with broader cryptocurrency market turbulence. This program revision follows Crypto.com's high-profile arena naming rights acquisition in Los Angeles last December.
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Frequently Asked Questions
Q: Can existing cardholders maintain current rewards?
A: Only if they have active six-month stakes locked before May 1—current rates apply until stake expiration.
Q: What happens after my stake period ends?
A: Subsequent stakes will qualify for the new, reduced spending rewards structure.
Q: Are all card tiers affected equally?
A: No—Ruby Steel and Royal Indigo/Jade Green have additional monthly reward caps.
Q: Why is Crypto.com making these changes?
A: The company cites "long-term sustainability" as the primary motivation.
Q: When do these changes take effect?
A: All modifications become active June 1.
The exchange's transparent communication about these adjustments reflects evolving industry standards for reward program viability. Market participants will monitor how these changes affect long-term CRO token demand and platform engagement metrics.