Crypto.Com Cuts Cro Visa Card Rewards, Algorand Partners With Fifa World Cup, Argentina's Largest Private Bank Offers Bitcoin Trading

Crypto.com Cuts CRO VISA Card Rewards

Crypto.com, a cryptocurrency exchange platform based in Singapore, announced that they were reducing rewards for CRO Visa cardholders, effective from the 1st of June. In a press release, they announced a reduction in CRO Card rewards, introduced a monthly CRO Card rewards cap, and a phasing out of CRO Card Staking.  

Their native token Cronos (CRO) took a 13% dive, dropping to a YTD low of $0.27. Cardholders took to Twitter and Reddit to complain about the new adjustments. “The community has been really vocal with regards to the changes to the card program announced yesterday. We care deeply about the community, we hear you and always listen to you,” responded the CEO, Kris Marszalek. 

In a Twitter thread Marszalek explained that they will not be phasing out the staking reward. “These are of course tough decisions — nobody wants benefits to be reduced, least of all me. Given our large scale though, it is necessary to ensure long-term sustainability,” he said. Crypto.com has a user base of over 10 million people and is available in 40 countries. 

Algorand Partners with FIFA World Cup

Algorand, a pure-proof-of-stake blockchain cryptocurrency protocol, has partnered with FIFA for the 2022 World Cup in Qatar. They will assist them in developing their digital strategy and provide the official blockchain-supported wallet solution for the event. The partnership also extends to the 2023 Womens' World Cup in Australia and Newzealand. 

This partnership with FIFA, the most globally recognized and distinguished organization in sports, will showcase the potential that the Algorand blockchain has to transform the way we all experience the world’s game,” said Algorand founder Silvio Micali. The FIFA Soccer World Cup is one of the most-watched sporting events worldwide, recording over 1.1 billion people tuning in 2018. 

The price of the ALGO token shot up by 10%, trading at $0.69 upon the announcement of the news. Earlier this year, FIFA also announced  Crypto.com as an Official Sponsor of the 2022 World Cup in Qatar.

Argentina's Largest Private Bank Offers Bitcoin Trading

Banco Galicia, the largest private bank in Argentina, has introduced cryptocurrency trading on its investment platform. Its customers can now buy Bitcoin, Ethereum, Ripple, and USD Coin. The platform is now live, and the bank is planning to add more investment options in the future.

Banco Galicia's partnered with Lirium, a cryptocurrency solution for digital wallets and mobile banking apps, to offer the service. Banco Galicia is offering its users the ability to buy and sell crypto but does not allow them to withdraw or send crypto, Lirium COO Martin Kopacz told CoinDesk.

Written by Lindi Miti © Crypto University 2022