- Crypto.com is increasing its stake requirements by 2.5x on November 2
- If you’re already staked before Nov 2, you won’t need to increase your total stake
- Staking CRO is seen as a way to shore up the value of the plummeting CRO token
Crypto.com emerged from the ambitious project known as Monaco and has since gone on to win over the hearts of its users. But, in the past month, its CRO token, the token used to interact with its native mobile app and to get your hands on rewards, has taken a beating. In the past month, CRO is down more than 35%, and it’s not showing any signs of stopping.
Conveniently, just as things are beginning to look dire for CRO, Crypto.com has announced that it’s planning to update its staking requirements, meaning you need to stake more CRO to get the same rewards we know and love.
More Than 2x the Stake Now Required
In an email sent out to platform users, Crypto.com announced its new staking requirements, and they’re a LOT more than we’re used to. Under the current system, you need to stake, or should we say hold in your account for at least 6 months, 1,000 CRO to get the first paid tier card and 1,000,000 CRO for the top tier card.
Under the new system, these values have gone up by 2.5x, meaning the first paid card now requires 2,500 CRO and the top tier card needs 2,500,000 CRO staked for 6 months. While this is still a bargain now CRO has plunged more than 35%, it’s a cheeky move from the app.
What’s the Reason Behind it?
In the official email from Crypto.com, there was no explanation given as to why the staking requirements are going up on November 2. We reached out for comment, but at the time of press, all enquiries have gone unanswered.
Many commentators on crypto Twitter and Reddit are suggesting that it could be a move in a bid to shore up the price of CRO in the long-term and prevent anymore selloffs of the token.
But until Crypto.com confirms or denies these allegations, they’re just rumors for now.
Do I Have to Stake More Right Now?
The good news is that if you’re already in possession of a Crypto.com card and have one of the original amounts staked, then you don’t actually need to do anything or worry.
Your stake requirements will remain the same, unless you decide to remove or adjust your stake to a new band after November 2.
So, if you’re looking at getting a Crypto.com card and taking advantage of the cashback, you’re going to want to get your staking sorted before November 2 as that’s when the new staking requirements will be rolled out.
If not, there are plenty of other cryptocurrency card alternatives out there that don’t require you to stake an absolute fortune to get a bit of cashback, so bear this in mind.