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Kris Marszalek – CEO of the digital asset exchange CryptoCom – said the community did not welcome the company’s decision to cut card rewards. As such, the platform will revise the reward system to find an appropriate solution.

Seeking the Right Move

The cryptocurrency exchange CryptoCom made an important announcement yesterday (May 2), informing it will cut down Cronos (CRO) rewards on card usage. Users with lower-tier cards, including the Midnight Blue and Ruby Steel, will get 0% on CRO rewards, while those with the highest level – Obsidian – will receive 2%.

In addition, the company noted that its monthly bonuses for the lower-tier cards will be capped between $25 and $50. At the same time, higher-tier ones will have no monthly rewards cap. The changes are scheduled to become effective from June 1.

The update caused a significant backlash from the community as many users said these changes will make them move to another exchange. CryptoCom’s decision also harmed the platform’s native token – Cronos (CRO). Yesterday, the latter tumbled to a six-month low of $0.27, while currently, it trades at around $0.29.

Noticing those unpleasant trends, Kris Marszalek – Chief Executive Officer of the platform – said CryptoCom will take into account all users’ opinions and revise card staking rates.

How Would it Work?

Marszalek later explained some of the new ideas his company has for users. Instead of slashing staking earn rates entirely, CryptoCom will have a “more balanced approached.” Meaning, that it will offer 8% PAY for Private Members (with the highest tiers such as Obsidian, Icy White, and Frosted Rose Gold). Those with Royal Indigo and Jade Green will have an APY of 4%.

The executive justified the initial decision to reduce the rewards by saying it was made to “ensure long-term sustainability.” He also highlighted his company’s recent growth, including multiple high-profile partnerships and attracting millions of users, and promised CRO investors that there’s “a lot of innovation coming to Cronos.”

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

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