Introduction
Crypto.com has once again updated its Visa card staking requirements, marking the fourth significant change since 2020. This latest adjustment shifts staking from token-based (CRO) to local currency values, addressing volatility concerns and aligning user incentives with platform growth. Below, we break down the evolution of these changes, their implications, and what users can expect moving forward.
Key Changes in Staking Requirements
Historical Timeline
August 2020:
- MCO token phased out; CRO introduced.
- Ruby card: 1,000 CRO (later adjusted to 1,382 CRO for MCO swaps).
November 2020:
- Requirements increased 2.5x (e.g., Ruby card: 2,500 CRO).
January 2021:
- Doubled staking thresholds (5x August 2020 levels).
March 2021:
- Pegged stakes to local currencies (e.g., $/€/£ values) but still paid in CRO.
Why the Latest Change Matters
Problems with Token-Based Staking
- Price Volatility: Users hesitated to stake during CRO price peaks, fearing value drops.
- Demand Unpredictability: Crypto.com faced card issuance backlogs due to fluctuating demand.
- Upgrade Barriers: Higher CRO prices made top-tier cards (e.g., Obsidian) inaccessible.
Benefits of Local-Currency Pegging
- Stable Entry Points: Users stake based on fixed fiat values, eliminating price-timing games.
- Incentivized HODLing: Rising CRO prices allow unstaking excess CRO or upgrading cards.
- Trust Restoration: Mitigates future requirement changes, fostering long-term confidence.
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Market Response and Future Outlook
Price Impact
- CRO surged 40% (USD) and 30% (BTC) within 48 hours post-announcement.
Next Steps for Crypto.com
- Backlog Reduction: Prioritize card issuance and customer support.
- Product Expansion: Mainnet launch, derivatives exchange, and U.S. expansion anticipated.
FAQs
Q: How does staking in local currencies work?
A: Stake CRO equivalent to a fixed fiat value (e.g., $300 for Ruby), adjusting CRO amounts as prices fluctuate.
Q: Can I upgrade my card if CRO’s price rises?
A: Yes! Excess staked CRO can be reallocated toward higher tiers.
Q: Is Crypto.com’s card program reliable?
A: Despite past changes, this move aims to stabilize offerings long-term.
Conclusion
Crypto.com’s shift to local-currency staking balances user needs with ecosystem growth. While challenges remain, this update signals a commitment to sustainable adoption.
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Note: Always verify staking requirements on Crypto.com’s official blog for the latest updates.