Crypto.com’s CRO Visa Cards will soon see some changes, with a reduction in rewards, a new reward cap and the phasing out of some rewards, according to a company blog post published Sunday (May 1).
Cardholders with an active 6-month stake prior to May 1st of this year will receive the same rewards at their current rate until their 180-day stake is exhausted. After that, there will be revised spending rates.
Additionally, Ruby Steel cardholders’ monthly rewards will be capped at $25, while Royal Indigo and Jade Green cardholders will be capped at $50. The company added that CRO staking rewards will expire after June 1 for cardholders in Jade Green, Royal Indigo, Frosted Rose Gold, Icy White, and Obsidian.
CoinDesk reported that the price of Crypto.com’s CRO token fell 11% following the announcement.
In other news, bitcoin miners have been conducting a new version of “yield farming,” a crypto money-making strategy, Bloomberg wrote on Monday (May 2).
Firms like Marathon Digital Holdings and others have sold Bitcoin call options instead of using expensive computer hardware to mine crypto. That could help them monetize their holdings with a revenue-generating strategy that uses conventional financing.
Additionally, ApeCoin tumbled in value after Yuga Labs, which produces the Bored Apes Yacht Club non-fungible tokens (NFTs), raised $320 million by selling virtual plots of land for its Metaverse project.
As Bloomberg reported on Monday, demand was so strong that activity surrounding the event had ripple effects across the Ethereum blockchain, disrupting activity and causing soaring transaction fees.
In other crypto news, Michael Saylor and Jack Dorsey are among the countless signatories to a new letter defending the merits of crypto mining.
This letter is in response to a letter sent to US Environmental Protection Agency Administrator Michael Regan last month alleging that Bitcoin mining, among other things, is polluting the environment.
Mining advocates said data centers do not emit pollutants. They added that claims that Bitcoin mining energy consumption could power a city and that Proof of Stake is a good substitute for a mining technology are misleading.
Finally, HODL was added to the list of available currencies on MyCryptoCheckout, according to a press release Monday.
MyCryptoCheckout is a WordPress plugin that allows website owners to accept crypto payments. It’s an open-source plugin for WooCommerce, the e-commerce platform built on top of WordPress.
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NEW PYMNTS DATA: THE TRUTH ABOUT BNPL AND STORE CARDS – APRIL 2022
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