Tuesday, December 6, 2022

Crypto.Com Restarted Staking Rewards After Community Backlash

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Crypto.com restarted staking rewards after the community backlash and now, the rewards of up to 8% will be offered to the card users as the CEO said so let’s read more today in our latest cryptocurrency news.

The Crypto.com CEO Kris Marszalek said the company will continue offering staking rewards to card users one day after eliminating the program. The decision led to a huge backlash from community members on social media like Twitter and Reddit. Most comments were negative while the prices of Crypto.com native CRo token dropped by 11% in the hours after. Crypto.com was backtracked on the decision to end the staking rewards where the card users locked up CRO for a 180-day period and earn yields. Marszalek said:

“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 cardholders.”

Crypto.com restarted the staking rewards program but the rewards are still lesser than those now offered with some users still expressing dismay. However, Marszalek noted that the changes were necessary to ensure the long-term sustainability of the yields offered on the card product. CRO is down by 10% in the past day but showed a recovery wave during the Asian hours.

Crypto.com becomes the main sponsor of the FIFA World Cup and makes moves into the world of sports making a significant partnership with the world’s biggest soccer association. FIFA announced a new sponsorship deal with the exchange for the FIFA World Cup Qatar 2022 and gave the right to become the exclusive crypto tradign platform sponsor of the 2022 games. According to the statements shared by Fifa, Crypto.com will benefit from the main branding exposure with advertisements inside but also outisde of the stadiums. This implies exposing crypto to a broad audience of soccer fans who look forward to the world cup every four years. The exchange’s deal with FIFA is a win-win situation and the exchange spent a lot of money on sports branding and supported top leagues as well as teams with a wide range of sports.

fifa

Crypto.com announced more plans to support the MIT digital currency intuitive for academic, independent research for crypto and blockchain as a part of its commitment to a four-year gift to the latter as MIT Gets backing from the exchange. The exchange’s goal is to support the research in BTC security and back the open-source development of the protocols that form the foundation of a network by the MIT Media Labs’ Digital Currency Initiative.

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