Crypto.com users find staking rewards suddenly reduced by 70%
By Bob Garcia
Explosive growth has paved the way for stakers to receive less CRO token rewards
Crypto.com has now has more than five million users for its crypto exchange and debit-card. This new milestone for the company’s famous platform was reached just three months after the registered three million users. While it’s a big milestone for the company, its way of showing appreciation leaves something to be desired. Crypto.com has reduced the staking rewards available to users by a huge amount.
With the news of a 70% reduction in staking rewards for its CRO token announced 24 hours earlier, some Crypto.com users are not pleased with the company’s latest move. Those with 5,000 or more CRO, valued at approximately $690, staked for 180 days, can now only earn 6% per annum. Prior to the change, users could earn 20% on staked CRO under the same conditions. One unhappy user, LtcFanboy, voiced his displeasure with the move on Twitter, saying, “I’ve been noticing every time @cryptocom reaches an achievement they cut the limits earning by a massive %. That seems to be their model.”
Crypto.com growth has skyrocketed since the platform registered one million users in September 2019. Crypto.com co-founder and CEO Kris Marszalek said the company is constantly looking to grow its number of users and has a goal of 15 million users by the end of 2021. “Our longer-term strategic goal is to reach 100 million users in the Crypto.com ecosystem within 5 years,” he said.
The company’s large marketing budget has been a major contributor to Crypto.com’s rapid growth. The company recently ran a huge marketing campaign titled, The Syndicate Anniversary Special in which it offered $2 million in Bitcoin to 25,000 users at 50% discount. Crypto.com gave away $120,000 at a recent Twitter event. The company needs to watch its moves to make sure its platform users remain loyal and satisfied if it wants to realize its goal of 15 million users by 2022.