Cryptocurrency exchange Crypto.com has changed its decision to end staking rewards for locked CRO by card users after facing opposition on social media.
The exchange CEO, Kris Marszalek, says that the card staking rates will not be eliminated but the company will adopt a balanced approach instead.
The revised approach will see an 8% set for private users under Obsidian, Icy White, and Frosted Rose Gold. Royal Indigo and Jade Green card holders will get a 4% APY.
Marszalek maintains that the new changes are vital for the sustainability of the yields offered on the card products even as users say it is still minimal.
The negative sentiments caused the native CRO tokens to drop about 11% after the announcement, with many users opposing the move on Twitter and Reddit.
CRO is currently down 10% in the past day with a slight recovery as the conversation continues on the matter.
The community has been really vocal with regards to the changes to the card program announced yesterday. We care deeply about the community, we hear you & always listen to you.— Kris | Crypto.com (@kris) May 3, 2022
As a result, we're revising card staking rates. 🧵