ICYMI, Crypto.com (CDC) is looking to increase their card staking tiers effective 2 November 2020, 07:00 UTC. This come hot in the tails of the AMA ran earlier this week. You can catch the AMA highlights in my post here.
What are the Changes?
With the latest Card Staking Rates, all staking requirements have been increased by 2.5x. This is only affecting new staking requirements and upgrades following 2nd November 2020.
If you’d like to sign up for your card now, they still follow the current staking rates at 1,000 for Ruby Steel, 10,000 for Jade Green/Royal Indigo, 100,000 for Icy White/Frosted Rose Gold, 1,000,000 Obsidian Black.
Why is the Change Happening?
This is not entirely unexpected. When CDC decided to lower the rates as part of the MCO swap by 80% (e.g. from 5,000 to 1,000), many people have mentioned with it being undervalued. This was however, was a decision undertaken by CDC as they had noticed that it was at an All-Time Low of the USD-price equivalent, which was a result of their CRO drastic rate cuts. This potentially that CDC may not have confidence in the price returning to the August/September range of 15-cents USD.
Whether CDC will reduce the card staking requirements should the price returns to the All-Time High remains to be seen.
Should I Sign Up for the Card?
Well, many people may have lost trust with CDC and had exited the program, resulting in a drastic drop in CDC price over the past couple of weeks by approximately 40%. Since the news, price has been raising steadily by about 5%, responding positively to the news.
With this in mind, it is 40% cheaper now to get a Crypto Card with awesome benefits at the current level. You can review the benefits below.
In addition to the attractive lower price, there is an indication that the drastic changes that CDC used to do, which lost consumers trust, has been stopped. In this announcement, they have appeared to listen to the community feedback. Taking in the suggestions in Reddit and Telegram, they undertook the approach that does not force all users to swap and gave ample notice period. With the tactics of announcing it in advance and creating scarcity (signing up before 2 November 2020), as well as not making it hard for early investors (early investors can retain the current staking requirements until they unstake). This shows a positive movement as opposed to what happened in the past year (Airdrop cancellation, MCO Swap, CRO Rates cut).
If you’d like to sign up for the card and enjoy the awesome card benefits, you can also take advantage of my referral code “7fpp30dh8x” or use this link. Bear in mind to sign up before 31 October 2020, 15:59 UTC as the referral benefits will drop from USD 50 until USD 25 thereafter.
If you are thinking about upgrading your card, do it before 2 November 2020 as well, since the card upgrade fees are now waived across all regions.