Crypto.com has announced that it has updated its Visa Card rewards programme, which has been active since 2018. However, the response from the market sees CRO lose 20% in just 24 hours.
Crypto.com and its new Visa Card rewards plan
Crypto.com has announced that it has updated its Visa Cards, launched in 2018, with a new rewards plan that will take effect from next June 2022.
💳 https://t.co/vCNztABJoG Visa Cards Update: changes to the CRO Card rewards programme
🗓️ Effective 1 June 2022
✅ No change to card terms until your active 180-day stake expires
✅ No change to 100% reimbursements of popular subscriptions & unlimited airport lounge access pic.twitter.com/LZFHaW46hD
— Crypto.com (@cryptocom) May 1, 2022
“Visa Cards Update: changes to the CRO Card rewards programme. Effective 1 June 2022. No change to card terms until your active 180-day stake expires. No change to 100% reimbursements of popular subscriptions & unlimited airport lounge access”.
This involves a change to the cashback rates in CRO for the different cards, plus the introduction of a cap on monthly rewards for the CRO Card and also a revision to staking rewards.
For example, for Ruby Steel holders, with active staking, they will receive 0.5% CRO on their spend, compared to the previous 2%. Or, for those with a Jade Green/Royal Indigo card, besides having their cashback in CRO reduced to 1.5% (half of the previous 3%), they will be able to receive a maximum of $50 per month.
Icy White, Frosted Rose Gold, and Obsidian cardholders, on the other hand, are still free from the monthly CRO card rewards cap. For them, however, the revised rewards rate reduction applies to both cashback and staking, which will drop from 10%-12% annually to 4%-8%.
The update did not please the market and CRO lost 20% in 24 hours
Rather than leave comments on Crypto.com’s new reduced rates for rewards on its Visa Cards, users chose to take direct action and let the market speak for itself.
And indeed, looking at the chart of Cronos (CRO), in just 24 hours since the announcement, Crypto.com’s cryptocurrency has lost 20%.
Specifically, CRO has fallen from a price of $0.35 on Sunday 1/5, to $0.26 yesterday, returning, at the time of writing, to be worth $0.28.
CRO remains among the top 20 cryptocurrencies by market capitalization, with a total dominance of 0,42%. This is also a result of the cashback and staking service offered so far by Crypto.com, which has become increasingly popular due to its sponsorships.
Famous sponsorships in sports and beyond
Crypto.com has also become famous for its omnipresence in sporting and other competitions as a result of its sponsorship-based marketing strategy.
In fact, Crypto.com is the official sponsor of the Italian Serie A, Formula 1, and the stadium of the Los Angeles Lakers basketball team, the Crypto.com Arena. Furthermore, at the end of March, Crypto.com announced that it will be the official sponsor of the World Cup in Qatar in December 2022.
Crypto.com has also starred in a number of videos, including the series’ “Fortune Favors the Brave” commercial, which began with Oscar nominee Matt Damon, followed by NBA star LeBron James, which aired for the Super Bowl in February 2022.
His last appearance was during the Oscars night, at the Dolby Theatre in Los Angeles, with a commercial promoting fundraising to support Ukraine, devastated by Russia’s attack.