The company’s CEO said card holders can actually receive stake rewards of as much as 8%.
A day after discontinuing the reward program, Crypto.com CEO Kris Marszalek said the firm would continue to offer staking rewards to its card users.
The decision to remove staking rewards just a day ago, had led to a vocal backlash among community members on social media sites like Reddit and Twitter. Comments were mostly negative and critical. Crypto.com’s native CRO tokens lost as much as 11% in the hours that followed.
The company has since reversed its decision to end staking rewards, in which card users locked up CRO for 180 days 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.
Only a day earlier, the company had said “CRO staking rewards will no longer be offered to Jade Green, Royal Indigo, Frosted Rose Gold, Icy White, and Obsidian cardholders from the Effective Date,”
The rewards are still less than offered before, with some users still expressing dismay. According to Marszalek, the changes were necessary to ensure the “long-term sustainability” of the yields offered on the card.
The initial revisions to Crypto.com’s card reward system sent the project’s native token CRO plummeting by around 17% on the day, but has since recovered after Marszalek’s tweet.