NEW YORK—Is cryptocurrency losing some of its luster?
A recent move by Crypto.com to reduce its Visa debit card rewards suggests that could be the case, according to one new report.
Starting June 1, 2022, Crypto.com’s suite of debit cards will earn significantly lower rewards, and rewards for the Ruby Steel and the Royal Indigo/Jade Green cards will now have a monthly rewards cap, ZD Net reported.
Starting June 1, the Ruby Steel and Royal Indigo/Jade Green cards will have a monthly rewards cap of $25 and $50 respectively. The limits will reset on the first of every calendar month. The card rewards will also be dramatically lowered, according to the report.
"Instead of eliminating card staking earn rates completely, we will offer a more balanced approach: 8% APY for Private Members (Obsidian, Icy White, and Frosted Rose Gold) 4% APY for Royal Indigo and Jade Green card holders," Crypto.com CEO Kris Marszalek stated on Twitter.
According to the company's blog post, the changes are being implemented "to ensure long-term sustainability." Further, cardholders who began staking before May 1 will continue to earn the current rewards until their 180-day staking period expires.