‍Crypto.com CEO Revises Debit Card Staking

The team responded to the loud outcry from its community, hopefully finding a sweet spot with the new rewards offer.

By
Kyle Heise
on
May 4, 2022
Category:
DeFi

Crypto.com Reverses Reward Announcement

The Crypto.com team has heard the community's cries and reversed course on its recent debit card rewards changes. The Crypto.com team initially saw fit to eliminate staking rewards, but the community outcry demanded a second look. So instead of removing rewards, a better approach has been presented.

The Crypto.com CEO, Kris Marszalek, took to Twitter on May 2 to lend an olive branch to the cardholders. Many users who staked larger sums of money were vocal critics on Twitter. Marszalek took on the role of appeaser when he explained in his Twitter thread how rewards will be back with a ‘more balanced’ approach and that the community’s vocality is essential.

The Crypto.com card has long been an attractive debit card in the space for crypto users. The sudden change in rewards has left a sour taste among many users, but norms are hard to change, and many users are literally bought into the card. Reversing the decision shows a positive reaction from the Crypto.com team, and the move was down with long-term scalability in mind, according to Marszalek.

Reward earning, staking, and cashback possibilities are easy onboarding features to introduce users to crypto. As the Cronos Chain continues to scale and grow at an accelerated rate, the Crypto.com card and app can be a proper onboarding tool for the masses. Crypto.com should protect its card’s attractability by finding ways to keep new and older users happy. 

What is Crypto.com:

Crypto.com is a Singapore-based cryptocurrency exchange. Currently, their app has 10 million users and 4,000 employees. Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo founded the company "Monaco" in 2016.  Following the purchase of a domain owned by cryptography researcher and professor Matt Blaze, the company was renamed Crypto.com in 2018. The domain was valued at between $5 and $10 million by domain sellers.

Foris DAX Asia, a Singapore-based subsidiary of Foris DAX MT (Malta) Limited, operates Crypto.com. Crypto.com has notable sponsorship agreements with Formula One, Serie A, the UFC, Paris Saint-Germain Football Club, the Philadelphia 76ers, the Montreal Canadiens, and Water.org. 

Where to find Crypto.com

Website | Twitter | Blog | Discord 

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Kyle Heise

Born and raised in the East Bay of California. He has studied and worked on three continents and lived in eight countries. Kyle resides in San Francisco. He holds bags mostly in ETH, CRO, CAKE, and BSC meme projects.

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