The move will include offering lower earning rates for rewards in the cryptocurrency token Cronos, or CRO. A post on the company’s website says the changes are to ensure long-term sustainability.
The Crypto.com Visa Card is a prepaid debit card that comes with five tiers. Users who stake nothing, can get the Midnight Blue card, while holding USD 400,000 worth of CRO in the Crypto.com app wallet for at least six months makes available the highest card tier, called Obsidian.
Cardholders with all but one card configuration will see reductions to their CRO rewards rates, according to a company press release. Obsidian cardholders with no active stake will continue to earn 2% back in CRO rewards on eligible transactions, but Obsidian cardholders who have an active CRO stake will earn 5% instead of 8%.
At all other card tiers, CRO rewards rates will go down with or without an active stake, the companies explain. For some tiers, CRO rewards may decrease to zero: Midnight Blue cardholders will earn 0% instead of 1%, and Ruby Steel and Royal Indigo or Jade Green cardholders will earn 0% if they do not have an active stake (with an active stake, Ruby Steel will earn 1%, and Royal Indigo and Jade Green will earn 2%).
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