A measure that may not please the community. Crypto.com, which had previously angered users by cutting cashback on its cards, decided to introduce fees for credit and debit card deposits. Will the company, which has been heavily affected by the bear market, be able to retain its customers?
New deposit fees at Crypto.com
The news was announced to customers holding a VISA metal card located in the European Union and the United Kingdom. these will have to pay a 1% fee for any credit card deposits made to their Crypto.com account. Deposits by fiat or crypto wallet will remain free of charge.
💳 @cryptocom introduces 1% fees on top-up via credit/debit card.
One more reason to stop using it!🙅♂️
— GRM_Elrond⚡️ (@GRM_Elrond) July 4, 2022
The company justifies this change by a necessity “to ensure long-term viability” of its crypto card services. She also asserts that it is always the “world’s most popular crypto card program ».
The change went into effect yesterday, so Crypto.com users will no longer be able to fund their accounts in this way without paying a fee.
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New risky move for Crypto.com?
The company has made several such decisions in recent months that have not been to the liking of its community. In May, she sparked an uproar by reducing the cashback on its cards and the interest on its Earn savings accounts. To the point that she had reconsidered her decision several times, again adjusting the rates.
Other signs showed the financial difficulties of the company: in mid-June, it had laid off 5% of its staff, in order to face the bear market.
All of this naturally raises questions about the long-term viability of Crypto.com, but also on its ability to retain users who are increasingly expressing their dissatisfaction with these changes. The company is certainly a heavyweight in the sector, but one wonders if these successive decisions will not further weaken it.
👉 Also find out – Crypto.com (CRO) adds Binance USD (BUSD) to its offering
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