Sorry news indeed
I received this sorry, sorry news today, 2nd May 2022.
In a nutshell:
- decreased CRO cashback across all cards (most notably, all staked card cashback: Obsidian drops from 8% to 5%; Icy White/Rose Gold drops from 5% to 3%, Indigo/Jade drops to 1.5% and blue doesn’t earn any cashback at all)
- capping of CRO cashback below Icy White/Rose Gold and Obsidian – Indigo/Jade max $50/month and Ruby Steel max $25 CRO cashback per month
- the hardest hitting was the entire killing of crypto stake returns, which was the primary reason why I (and perhaps many others like me), still held onto staking
End of crypto.com?
To me, it marks the end of good crypto passive income (technically, crypto passive staking income) which I got as a Icy White CRO VISA card holder.
It was pretty good too, at 12% returns per year.
As I mourn this, I’m not dumb – I knew it’s a matter of time, but as I mentioned, there should be better tiering like say, go from 12% to 10% or 8%, is still acceptable.
But oing from 12% to 0%?
That’s way hard nerfing man, crypto.com.
Well, it was good while the earn and stake lasted, and I dont think it’s the end of crypto.com – they still have their developing cannons:
- Cronos chain
- ?NFT (not sure if they’re strong with this).
What am I doing from here?
Well for me, there is little point to hold onto the card anymore, and I have shelved the idea of upgrading to Obsidian black. Zero benefits of locking $40K or $400K for zero stake returns as well as 3% and 5% CRO cashback.
So as my card stake has already hit the 180 days (6 months) staking, I unstaked it and sold my CRO for USDC. I am still holding onto CRO coins, just rebalancing and spreading out the love.
I will also be cashing out a portion to invest in more traditional investments, such as
- rental property
- index funds
Still have chunk in crypto of course
I think we’re still early to the crypto party, just that now we’re in bear market and winter, so I’m just gonna hodl after I withdraw profits and principal amounts, and camp on.
I’m the founder and writer here at NigelChua.com; as well as serial entrepreneur, therapy business entrepreneur, digital entrepreneur, investor and also happy husband, father and Christian.
Started and sold off a business for 7-figures; built another 7-figure one and growing it further, plus building/investing into other businesses and investments as well as advisory works.
Nowadays I share and teach entrepreneurship, financial independence, retiring early as well as building and living a life you love.