Cronos Token, traded on Crypto.com, drops 10% to a six-month low

In the last 24 hours, the price of Crypto.com's CRO has declined to over 10%. The exchange's native token, Cronos, plummeted almost 10% in 24 hours to a six-month low of $0.27, bringing some losses to Crypto.com and its users.

Cronos Token, traded on Crypto.com, drops 10% to a six-month low
Cronos Token, traded on Crypto.com, drops 10% to a six-month low

The drop comes only one day after Crypto.com informed its over 10 million users in 40 countries that it will be phasing down staking incentives for its Crypto.com Visa cards and limiting CRO payouts at lower rates of $25 or $50, depending on the card.

Cardholders were given a new breakdown of the staking and rewards programs in a blog post published on the Crypto.com website yesterday. According to Crypto.com, cardholders who staked their CRO tokens before May 1 will continue to receive CRO Card rewards on spending at the existing rate until their six-month staking term.

Crypto.com has made many high-profile investments since 2021, including a $700 million acquisition of the naming rights to the then-Staples Center in Los Angeles in November 2021, when the CRO token hit an all-time high of $0.96.

A multi-million dollar one-minute Super Bowl commercial featuring Matt Damon followed this arrangement. In the same month, Crypto.com agreed to a nine-year naming rights contract for the Miami Grand Prix, now known as the Formula 1 Crypto.com Miami Grand Prix.

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