{"id":89566,"date":"2020-10-15T05:31:00","date_gmt":"2020-10-15T02:31:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/crypto-com-slashes-staking-rewards-as-user-numbers-top-5-million\/"},"modified":"2020-10-15T05:31:00","modified_gmt":"2020-10-15T02:31:00","slug":"crypto-com-slashes-staking-rewards-as-user-numbers-top-5-million","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/crypto-com-slashes-staking-rewards-as-user-numbers-top-5-million\/","title":{"rendered":"# Crypto.com slashes staking rewards as user numbers top 5 million"},"content":{"rendered":"

“# Crypto.com slashes staking rewards as user numbers top 5 million <\/strong>”
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Prominent crypto exchange and debit-card provider, Crypto.com, has surpassed five million users for the first time. The milestone comes only three months after the platform first exceeded three million users.\u00a0<\/p>\n

Crypto.com has seen accelerated growth since the platform hit one million users in Sep 2019 and trip<\/a>led its user base over the following nine months.<\/p>\n

Crypto.com co-founder and CEO Kris Marszalek said<\/a> the company plans to continue \u201caggressively\u201d increasing its user base, noting that the platform is targeting 15 million users \u201cby the end of 2021,\u201d adding:\u00a0<\/p>\n

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\u201cOur longer term strategic goal is to reach 100m users in the Crypto.com ecosystem within 5 years.\u201d<\/p>\n<\/blockquote>\n

Not every one of those five million users are celebrating the milestone, with the news<\/a> coming hot on the heels of a 70% reduction in staking rewards for its CRO token announced 24 hours earlier.<\/p>\n

Users with 5,000 or more CRO (app<\/a>rox. $690) staked for 180 days can now only earn 6% per annum. Prior to the change, users could earn 20% on staked CRO under the same conditions. Disgruntled users have taken to Twitter<\/a> to voice their opinions, with Twitter user \u201cLtcFanboy<\/a>\u201d stating:<\/p>\n

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\u201cI’ve been noticing every time @cryptocom<\/a> reaches an achievement they cut the limits earning by a massive %. That seems to be their model.\u201d<\/p>\n<\/blockquote>\n

The company\u2019s large marketing budget is likely a major contributor to Crypto.com\u2019s rapid growth, with the company recently burning seven-figures in a single marketing campaign. The campaign<\/a> titled \u201cThe Syndicate Anniversary Special\u201d offered $2 million in Bitcoin to 25,000 users at 50% off, with an additional $120,000 given away in a Twitter event.<\/p>\n

Marszalek explained<\/a> in a tweet that the high rewards to date were essentially a loss leader to attract users, and needed to be curbed:<\/p>\n

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\u201cWe are working on balancing high growth with becoming profitable, hence recent reductions in incentives to make it sustainable.\u201d<\/p>\n<\/blockquote>\n

The Crypto.com exchange, launched in Nov 2019, has a current trading volume of only $33 million, according to CoinGecko<\/a>. It is unclear how many of the five million users use the exchange as opposed to only using the popular debit card feature.<\/p>\n<\/div>\n