Crypto.com (CRO) is backpedaling! Faced with the anger of its community, the exchange has once again decided to review its copy. The platform has agreed to increase the amount of cashback in CRO of some crypto-cards and to maintain the current rates of rewards under certain conditions. We take stock.
Crypto.com (CRO) raises cashback on some cards in the face of user anger
Crypto.com (CRO) is doing an about-face again. Faced with the grumbling of its community, the exchange has once again agreed to change its offer. The platform has increased the amount of CRO cashback offered by some of its bank cards.
From now on, Ruby Steel cardholders will be able to receive 1% cashback on their purchases, compared to 0.5% previously. This effort only concerns users who have deposited CRO in the application for staking, says Crypto.com in an email sent to its users.
If this is not the case for you, you still have to give up on cashback. For the record, Crypto.com pulled the plug on cashback for Midnight Blue cards, the only one available without a cryptocurrency deposit, a few days ago.
Asserting that it wants to continue to “engage with the community”, Crypto.com has also raised the cashback amount for Royal Indigo / Jade Green cards. The amount of rewards increases from 1.5% to 2%. Here again, it is imperative to have deposited CRO to benefit from it. If not, the cashback will disappear completely
Crypto.com seeks to avoid user exodus
Inundated with criticism over the past few days, the platform has also pledged to temporarily maintain current cashback rates under certain conditions:
“All cardholders who opened a 6-month staking before May 31, 2022 […] will continue to earn CRO card rewards on spend and CRO staking rewards at the current rates until their 180-day participation expires. Thereafter, the revised rates will apply.
Finally, the Singapore-based group has decided to waive the “$50 card reissue fee” until further notice. All crypto-card holders who choose to upgrade will not have to pay an issuance fee. However, they will still have to deposit a CRO amount in staking. With this measure, Crypto.com is trying to retain its users on its platform.
Crypto.com halfheartedly admits that it was clumsy in its decision. The exchange believes that “the process was far from ideal” but that the key is “to come up with an attractive and balanced offering that takes into account community feedback”.
The company is clearly trying to strike a balance between the demands of its users and the need to “ensure the long-term sustainability” of its offering. Crypto.com seems to be a victim of its own success and points to the “rapid growth” of its user base. Note that the exchange has already reversed some of its decisions a few days ago.
