Popular crypto exchange cuts card rewards

One of the biggest prepaid crypto cards is getting a downgrade, and people are not holding back their concerns

Crypto.com says it will cut the staking and cashback rewards on its Visa-backed prepaid cards from June.

Cardholders have previously been able to get anywhere between one and 8 per cent in rewards.

But the new changes mean the rates have been slashed to 0 per cent for first two tier users, with a small increase for top tier users.

Before this latest round of changes, cardholders had to lock $400,000 dollars worth of CRO tokens to get the highest cashback rate on the platform.

The company says there will be no changes in the remaining card benefits, including reimbursements for Netflix, Spotify, and Amazon Prime subscriptions.

But users have expressed concerns around the changes, which sent the CRO token down 17 per cent on the day of the announcement.

Since the announcement, people have been also questioning the company’s health and the importance of prepaid cards.

One thread even branded the decision as “the worst mistake” the company has ever made.