Crypto.com drastically changes staking requirements for their debit cards

[slackovic]

Today I got an e-mail from Crypto.com that they are changing required amount of CRO that a person needs to stake in order to get certain card tier:

• Midnight blue card (1% cashback) - 0 CRO (free)
• Ruby steel (2% cashback) - 2.500 CRO (1.000 CRO before)
• Jade green/Royal indigo (3% cashback) - 25.000 CRO (10.000 CRO before)
• Frosted rose gold/Icy white (5% cashback) - 250.000 CRO (100.000 CRO before)
• Obsidian (8% cashback) - 2.500.000 CRO (1.000.000 CRO before)

So, after they reduced staking rewards for staking CRO tokens, they decided to drastically increase (150%) CRO tokens needed for a certain card tier.

Important thing is that this change doesn't effect current cardholders. Only if a current cardholder chooses to upgrade their card tier or chooses to unstake and restake CRO tokens, then new requirements will take place. This change will take place on November 2nd 2020. at 07:00:00 UTC so all of you who want Crypto.com card should stake your CRO tokens fast.

[big_daddy]

I got mad today reading that e-mail 
So what’s next? They can decide to do this every month, why not “let’s pump our CRO token to the moon asap”

[Nalbo]

It's a good decision for them and CRO holders and it does not effect current customers unless they were planning to go on upper tier. They have been doing a good job and their crypto card is one of the popular and has disrupted the industry. They are even giving spotify subscription with some cards.
But again changing these limits everytime would be a professional thing to do. I guess they'll stick to this for quite a time now.

[WalkerIVIV]

There must be a halving for the staking reward and that's not a problem.
I can understand that because the company will need to generate more and more profit to keep the development but 150% increases are amazing and there should be more features that will be available for the cardholders.

[slackovic]

There must be a halving for the staking reward and that's not a problem.
I can understand that because the company will need to generate more and more profit to keep the development but 150% increases are amazing and there should be more features that will be available for the cardholders.

That's the biggest problem. There are no more benefits for people that have to stake more CRO to get a certain Tier. The only "benefit" is that they have to get more tokens. I understand why the ydid that (to increase the demand for CRO tokens), but they should have give more benefits to people for a 150% increase in required staking amount.

I'm not saying crypto.com is bad card service. They are quite good. But this doesn't look good for new users.

[crwth]

They have the capacity to do so, and it's possibly indicated in the terms and conditions in which they could change any of the current offers that they have, etc. Maybe this could cause a little pump on CRO tokens to increase the price on it because of the possible demand. I'm currently staking that because of the awesome card, but I don't know if I would still have the capacity to stake that amount in the future.

I remember them lowering the referral reward as well from $50 to $25 (?), not really sure. It's just them adjusting now what they think is right for them. Idrk.

[slackovic]

They have the capacity to do so, and it's possibly indicated in the terms and conditions in which they could change any of the current offers that they have, etc. Maybe this could cause a little pump on CRO tokens to increase the price on it because of the possible demand. I'm currently staking that because of the awesome card, but I don't know if I would still have the capacity to stake that amount in the future.

I remember them lowering the referral reward as well from $50 to $25 (?), not really sure. It's just them adjusting now what they think is right for them. Idrk.

They lowered staking returns too. That's why the price of CRO tanked big time in the last week or so. I guess they did this to increase demand for the tokens so price could recover. But they should have give new users more benefits with the 150% increase of the limit.

[Beparanf]

There must be a halving for the staking reward and that's not a problem.
I can understand that because the company will need to generate more and more profit to keep the development but 150% increases are amazing and there should be more features that will be available for the cardholders.

That's the biggest problem. There are no more benefits for people that have to stake more CRO to get a certain Tier. The only "benefit" is that they have to get more tokens. I understand why the ydid that (to increase the demand for CRO tokens), but they should have give more benefits to people for a 150% increase in required staking amount.

I'm not saying crypto.com is bad card service. They are quite good. But this doesn't look good for new users.

This might result to fewer new user avail the card. But this is a solution to inflating supply of tokens that send to token stakers. If the staking continue without any adjustment on the required quantity of tokens, There might be a huge dump in price soon once the old token holders save too much token from staking. This is same scenario on DeFi tokens like Sushi swap, They continuously gave huge APY for stalkers that result to too many token mined and dump on the market.

It just take 5 to 10 whales to unstake and dump all there tokens to massively dump the price of the token. This update is very good for old token holders and for future price growth of CRO in my opinion.

[Sy]

Any idea what will happen to those who already had MCO staked on the app for the card? Will they increase the requirement for them too? I staked some MCO for the royal indigo card but so haven't received because the cards are not yet available in my country.

[slackovic]

Any idea what will happen to those who already had MCO staked on the app for the card? Will they increase the requirement for them too? I staked some MCO for the royal indigo card but so haven't received because the cards are not yet available in my country.

I think there are no more MCO tokens because they did a swap a month or so ago. There was even some sort of reward for users who swapped their MCO tokens early.
For the old users nothing will change if they don't unstake their tokens or choose to upgrade their card tier.

[Shallow]

Although I have traded once in a while on this exchange, however I don't know much about this neither do I use many of the services of this platform, but one thing that happens in every platform is, the team will always be on the lookout to implement changes that will help them or that will help them to serve their users well without incurring underlying issues and so on. So before using all these crypto exchanges and the services they offer, we all agreed to their terms and conditions, so if someone is already participating in this staking and the current condition is no longer favourable, the person can exit, that's just the way it is. There is no point participating in something that do not Interest you anymore.