Crypto.com restarts staking rewards after community outrage
Staking rewards of as much as 8% would be offered to its card users, the company's CEO said.
Crypto.com CEO Kris Marszalek said the company would continue to offer staking rewards to its card users a day after eliminating the reward program.
The decision to eliminating the reward program led to a backlash among community members on social media sites like Reddit and Twitter. Crypto.com's native CRO tokens fell as much as 11% afterwards.
Crypto.com has since decided to backtrack 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.
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
— Kris | Crypto.com (@kris) May 3, 2022
The rewards are still less than those currently offered. Marszalek, however, noted the changes were necessary to ensure "long-term sustainability" of the yields offered on its card product.
