A move that may not sit well with the community. Crypto.com, which had already raised the ire of users by reducing the cashback on its cards, has decided to introduce fees for credit and debit card deposits. Will the company, which has been hit hard by the bear market, manage to keep its customers?
New deposit fees at Crypto.com
The news has been announced to VISA metal card customers in the EU and UK. They will be charged a 1% fee for all credit card deposits made to their Crypto.com account. Deposits by fiat or crypto wallets will remain free of charge.
@cryptocom introduces 1% fees on top-up via credit/debit card.
One more reason to stop using it!♂️
What do you think is the best crypto card? Cryptocom crypto pic.twitter.com/Lx0k3K41Tp
– GRM_Elrond⚡️ (@GRM_Elrond) July 4, 2022
The company justifies this change by the need to “ensure the long-term viability” of its crypto card services. It also claims that it is still the “world’s most popular crypto card programme”.
The change was made effective yesterday, so Crypto.com users will no longer be able to fund their accounts in this way without paying a fee.
New risky decision for Crypto.com
The company has made several such decisions in recent months, which have not been to the liking of its community. In May, the company caused an uproar when it cut cashback on its cards and interest on its Earn savings accounts. So much so that it reversed its decision several times, adjusting the rates again.
Other signs showed the company’s financial difficulties: in mid-June, it had laid off 5% of its staff to cope with the bear market.
All this naturally raises questions about the long-term viability of Crypto.com, but also about its ability to retain users who are increasingly expressing their dissatisfaction with these changes. The company is certainly a heavyweight in the sector, but one wonders if these successive decisions will not make it even more fragile.
