Crypto.com coin plunges 17%

On Monday, the cryptocurrency linked with Crypto.com witnessed a steep dip after the crypto exchange informed that it is decreasing some staking and rewards associated with its popular pre-paid Visa cards. According to CoinGecko.com, the CRO coin declined by 17% to $0.2941, On Sunday, it was hovering above $0.33 when the company in a blog post highlighted changes to its card system. In the Blog Post, the company said, “To ensure long-term sustainability, we are introducing a number of changes to the CRO Card rewards program.” These changes will come into effect on June 1.  The company further told that its program was available in 40 countries around the globe. 

The Company based in Singapore told that among the changes usage rewards on four of its card tiers will be reduced. For the premium Obsidian tier, the CRO card reward was decreased to 2% from 5%, and the Icy White / Frosted Rose Gold tier reward was declined to 1% from 3%. The Obsidian card is regarded as the company's top-tier card. It carries a $400,000 staking requirement and enables users to receive up to 8% cash back at retailers.