During the previous bull cycle, the Crypto.com card offered members enticing benefits, such as substantial cashback and increased staking rewards for users locking CRO tokens up for a minimum of 180 days. However, after June 1, 2022, Crypto.com cut these benefits in response to deteriorating market conditions, such as halving cashback, capping monthly rewards, and withdrawing subscription reimbursement. Users understood that cuts were necessary, but still expressed disappointment with the suddenness of the changes.
Card Benefits Funded by Trading Activity
In a recent Ask Me Anything (AMA) on the topic of the Crypto.com card, CEO Kris Marszalek explained that card benefits are funded by trading activity on the platform, which makes generous card perks possible during favorable market conditions. With signs of crypto winter thawing, Marszalek said new card benefits are being discussed in readiness for the coming bull cycle. The CEO did not give specifics on what these benefits would entail, but he mentioned that there’s an element of brainstorming and experimentation on this front from the company.
Preparing for the Next Bull Cycle
When asked about when to expect the next bull market, Marszalek did not give a specific timeframe, instead referring to Crypto.com’s strategy of “building during a bear market.” He revealed that the Bitcoin halving is one year away, leaving the company with a relatively narrow window of four quarters to develop and deliver products in anticipation of the market uptick. The CEO reiterated the company’s focus on keeping its head down and building, adding that “when the market turns, we will be ready.” Marszalek then asked the viewers if they were ready, emphasizing that what they do now will determine their outcomes during the next cycle.