Crypto.com is changing its plans after announcing a reduction in cashback rewards. A new program that not everyone likes.
Just a few days after announcing that cashback payouts would be drastically reduced and staking rewards would disappear entirely, Crypto.com decides to turn its back on the numerous and understandable criticisms from its users.
Crypto.com Changes Plans After Announcing Cashback Reward Cuts
Less than a week after officially announcing the reduction of the customer reward program, Crypto.com has decided to further revise its copy. CEO Chris Marsalek tweeted brand new and more convenient terms than those announced a few days ago. In particular, he writes that the cashback on the Ruby Steel card will increase from 0.5 to 1%, and on the Jade and Indigo cards – from 1.5 to 2%. Additionally, customers can continue to receive staking rewards on their cards for another six months if they lock up their tokens by early June. The company will also offer a map upgrade for free, usually for $50.
On April 30, Crypto.com announced a very sharp decline in cashback on Visa prepaid cards from 1-8% to 0-2%. As well as removing staking rewards. After huge outrage from users, Chris Marsalek wrote the next day that Obsidian, Icy White and Frosted Rose Gold cardholders would be eligible for an 8% refund, while Indigo or Jade cardholders could earn 4%.
A new program that not everyone will like
The CEO explained that “the process was far from ideal, but it is important that we take your feedback into account and make an attractive yet thoughtful offer.”Reaction to this new plan remains mixed. For example, user @MKYroot tweeted: “Currently I have a Ruby Red card because I am not rich and cannot afford a higher tier. But limiting yourself to 1% in CRO is no longer worth it. I love CRO and will stay here for a long time, but I think it’s time to move to another platform for card benefits.”
The CRO token embedded on the Cronos Crypto.com blockchain lost almost 5% after this announcement.