Home » News » Crypto.com Restarts Staking Rewards After Community Furor

Crypto.com Restarts Staking Rewards After Community Furor

by Linh Nguyen

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 firm would continue to offer staking rewards to its card users a day eliminating the reward program.

The decision had led to a vocal backlash among community members on social media sites like Reddit and Twitter. Most comments were negative and critical, as reported, while prices of Crypto.com’s native CRO tokens fell as much as 11% in the hours afterward.

Crypto.com has since backtracked 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.

The rewards are still lesser than those currently offered, with some users still expressing dismay. Marszalek, however, noted the changes were necessary to ensure “long-term sustainability” of the yields offered on its card product.

CRO is down 10% in the past 24 hours but showed a slight recovery in Asian hours on Tuesday after Marszalek’s tweet, CoinGecko data show.