Crypto.com CRO drops 10%

Crypto.com’s exchange native token Cronos (CRO) has dropped more than 10% in the last 24 hours leaving it at $0.27, a six-month low.

According to CoinMarketCap, its market cap has declined by more than 31% over the last week.

Crypto.com has recently publicised plans to “phase out” staking rewards for its Crypto.com Visa cards alongside capping CRO rewards at lower rates of $25 or $50.

The company’s user base is spread across 40 countries and more than 10 million people, and today saw a decline after the announcement.

Cardholders were given the information on the new staking and rewards program yesterday via a blog post released on the Crypto.com website.

The post explained that any CRO tokens staked by cardholders before May 11 would continue to earn CRO Card rewards (on spending at the current rate) until their six-month staking period ends.

The additional card benefits such as Netflix and Spotify subscription reimbursements will still stay in place for cardholders

In November 2021, the company’s CRO token saw an all-time high of $0.96, the same year it made many high-profile investments alongside paying $700m to obtain the naming rights to the Los Angeles Staples Centre.

This was followed by a one-minute multi-million-pound advertisement starring Matt Damon for the Super Bowl.

Crypto.com also had its eye on the naming rights to the Miami Grand Prix and signed a nine-year deal which is now named the Formula 1 Crypto.com Miami Grand Prix.

In recent news, Crypto.com has made a few new partnerships. First, one with an Australian retailer On The Run (OTR) to enable consumers to pay in crypto for gas and various goods across 170 outlets in Australia.

Second, an agreement with the Ultimate Fighting Champion (UFC) was made in a bid to pay fighters their bonuses in bitcoin.

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Written by Isabella Aslam

Reporter

Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.

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