Instead, it strikes me as the natural progression of a young company dangling tantalizing incentives as an aggressive marketing push, then stabilizing its offerings after its membership has grown. (We’ve seen it countless times before with credit cards and loyalty programs.)
Whether that membership remains loyal depends on if they continue to offer value and maintain trust.
- What’s Next for Crypto.com’s Users?
- Crypto.com earn rates change
- The Details
- A Note from Nexo About the Changes
- Crypto.com earn rates change-up
- Reduction of CRO Card Rewards
- Crypto.com earn rates changed
- A Summary of the Changes
- Crypto.com earn rates changer
- What currency will the rewards be paid out in?
- Where can I see the accrued rewards?
- What happens when I upgrade my locked up tier?
- Conclusion
- How are the daily rewards calculated?
What’s Next for Crypto.com’s Users?
As an existing Jade Green cardholder, I’m happy to keep using my Crypto.com Visa Card for foreign transactions and ATM withdrawals. However, for prospective new cardholders, it certainly complicates the decision to stake CA$5,000 worth of CRO to achieve the tier that earns 2% rewards in a volatile asset.
You could earn the same rate of return with no foreign transaction fees with the HSBC World Elite Mastercard.
Crypto.com earn rates change
Interest rate reduced
They also adjusted some of the interest rates, and the major change is the reduction for stablecoins (USDC, USDT etc).
If you have $400 Ruby Steel and below:
TermBeforeAfterChangeFlexible6%3%-3%1-month8%6%-2%3-months10%8%-2%
If you have $4,000 Jade Green and above:
TermBeforeAfterChangeFlexible8%4%-4%1-month10%8%-2%3-months12%10%-2%
The other changes are minor. For certain term and CRO stake, ETH +0.5%, DOT & MATIC +1%. Check this you’re interested.
Why make these changes?
Earning high interest rates from deposit is legit, because borrowers will pay even higher interest rate.
But when borrower is lesser than depositors, then the business is not sustainable.
Rich whales probably deposit way too much, thus further stressing the lending business.
To find out how to get the most out of the NEXO Token, check out our dedicated token page.
The Details
Balance limits and updated yields for all the aforementioned assets, listed by your corresponding Loyalty tier:
A Note from Nexo About the Changes
Despite the upcoming changes to Еarn Crypto Interest, for many of the assets we support, Nexo’s yields continue to be among the highest in the industry.
Crypto.com earn rates change-up
Crypto.com has announced that they will be making changes to the Crypto.com Visa Card and other products, reducing rewards across the board. These changes will come into effect on June 1, 2022.
Let’s break down the bad news as we consider the future value of the Crypto.com ecosystem.
Reduction of CRO Card Rewards
Rewards on everyday spending will be going down significantly. Here’s a summary of the changes for cardholders with an active CRO stake:
Tier
Old Rate
New Rate
Midnight Blue
1%
0%
Ruby Steel
2%
0.5% 1%
Royal Indigo / Jade Green
3%
1.5% 2%
Icy White / Frosted Rose Gold
5%
3%
Obsidian
8%
5%
There’s next to no value in using a Midnight Blue or Ruby Steel card for purchases.
Crypto.com earn rates changed
The rate you receive is determined by the USD value of your holdings (balance) in the relevant asset, specifically, whether you are above or below the relevant balance limit.
A Summary of the Changes
The changes that will come into effect on July 1, 2022 fall into the four categories listed in this section. The concrete rates and balance limits coming from these changes are outlined in the “Details” section below.
- BTC & LINK: We are lowering the balance limits for BTC and LINK holdings, raising the yields for clients with balances above these thresholds, and lowering the rates for holdings under the threshold.
- ETH & All Stablecoins: We are introducing balance limits and, consequently, new rates that apply to clients with holdings in these assets above the new thresholds.
Crypto.com earn rates changer
Program ReceivingTier 1 (T1) Rates (USD)
Current Program ReceivingTier 2 (T2) Rates (USD)
Current Program ReceivingTier 3 (T3) Rates (USD)
Remaining Tier 1 Quota (USD)
Remaining Tier 2 Quota (USD)
New Allocation Amount (USD)
Rewards Rate for the New Allocation
$0
$0
$0
$3,000
$27,000
$3,000
T1
$3,000
$0
$0
$0
$27,000
$10,000
T2
$0
$0
$0
$3,000
$27,000
$3,100
T2*
$0
$0
$0
$3,000
$27,000
$30,200
T3**
$3,000
$27,000
$0
$0
$0
$1,000
T3
$2,000
$27,000
$0
$1,000
$0
$1,000
T1***
*This single allocation amount exceeds the remaining Tier 1 quota, but does not exceed the upper limit of the Tier 2 quota.
Ethereum blockchain. The protocol is maintained by various independent developers and is governed by YFI token holders.
Yearn Earn is the first product and is a lending aggregator that optimises the interest accrual process across multiple protocols to obtain the highest rates at all times. Deposits are automatically shifted between dYdX, AAVE, and Compound as rates change.
With DeFi Earn integration, we handle the deposit and withdrawal process with Yearn Earn V2 natively on the DeFi Wallet app, hence you don’t have to worry about dealing with smart contract calls and we simplify the concept of yTokens and display the estimated interest you’re earning over time.
When your tokens are deposited to the Yearn Earn V2 protocol via DeFi Earn, you are transferring them to the Yearn smart contract.
While rewards rates for fixed-term allocations that were created before the tiered structure goes into effect remain unchanged, those allocations will count towards Tier 1 and Tier 2 quotas.
Examples:
Existing amount allocated to Crypto Earn
(Before 1 June 2022)
Remaining Tier 1 Quota
Remaining Tier 2 Quota
New Amount allocated to Crypto Earn
(After 1 June 2022)
Reward Rate Received for New Amount Allocated
US$2,500
US$500
US$27,000
US$400
T1
US$25,000
US$0
US$2,000
US$1,000
T2
US$0
US$3,000
US$27,000
US$3,300
T2*
*The user will receive Tier 2 rates if the amount allocated exceeds the Tier 1 US$3,000 threshold.
It will be transferred into your crypto wallet and will be available for use immediately.
What currency will the rewards be paid out in?
The rewards will be paid out in the same currency as your allocated currency (e.g. if you allocate BTC, you will earn rewards in BTC).
Where can I see the accrued rewards?
You can see the daily rewards for cryptocurrencies actively allocated to Crypto Earn in the Crypto Earn home screen under ‘Total Earnings’.
What happens when I upgrade my locked up tier?
The higher annual rewards rate will be applied the following day to all existing terms for the remainder of the term.
Now, though, I’m not so sure if it will be worth the effort or opportunity cost, given how much more difficult it is to achieve, and the likelihood that those benefits may not be sustainable by the time I reach a higher tier.
Conclusion
Let’s not mince words: all of these changes to the Crypto.com Visa Card are negative. Most product devaluations are at least masked with some positive spin, but here there’s no silver lining whatsoever.
If there’s any consolation, the card’s earn rates are still decent at the Royal Indigo / Jade Green tier and above. But in a competitive North American credit card market, Crypto.com will need to do something to set its product apart.
Unfortunately for credit card enthusiasts, that doesn’t seem to be Crypto.com’s objective.
25
PAXG
0.01
TAUD
40
TCAD
35
TGBP
20
TUSD
25
UNI
1.25
USDC
25
USDT
250
VET
500
XLM
45
XRP
45
MATIC
25
ONE
10
AVAX
0.5
SOL
0.1
VVS
300 000
TONIC
45,000,000
FTM
90
ZIL
625
NEAR
7.5
How are the daily rewards calculated?
Rewards calculations take place at UTC 00:00:00 daily.
The fixed-term calculation formula for the daily rewards
Daily rewards = Amount allocated (in original cryptocurrency) x (annual rewards rate/365)
[(e.g.
