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CRO Drops Over 10% as Cuts Card Rewards

Daily Market Wrap

  • Crypto market cap: 1.72 trillion, down 0.98%

  • BTC price stands at USD 37,982, down 1.02%

  • ETH price stands at USD 2,799, down 1.28%

  • Top gainer: Helium (HNT), up 7.41%

  • Top loser: Kyber Network Crystal v2 (KNC), down 13.61%

News of the Day

Why it matters:

  • announced yesterday that it will slash the staking rewards and lower the cash back rates on its popular Visa-enabled cards

  • Effective on June 1, Midnight Blue and Ruby Steel tier would be revised to 0%, Royal Indigo and Jade Green tier would get 0.5%, Icy White and Frosted Rose Gold would get 1%, while Obsidian, the highest tier, would be 2%

  • The community got raged on Reddit and Twitter criticizing the change mainly because emoving the staking rewards seems to discourage holding the company’s native token CRO

Crypto daily spotlight

Brief introduction: Established in June 2019, Algorand is a scalable, secure, and decentralized digital currency and smart contract platform, using a variation of Proof-of-Stake (PoS) called Pure PoS (PPoS). Unlike other PoS blockchains, PPoS-Algorand does not reward, nor does it put validator or user funds at risk of being slashed.

Why it matters:

  • According to the agreement, the partnership with Algorand will be primarily for the World Cup competition that starts in November in Qatar

  • Algorand will provide FIFA the official blockchain-supported wallet for access to "further develop its digital assets strategy". In return, Algorand will also get exposure through FIFA

  • Algorand’s native ALGO tokens rose more than 20% when the news came out

Daily sector tracker

Daily News Roundup

  1. Crypto Exchange OKX Secures F1 Mega Deal

  2. Leading Venture Capital a16z Plans to Invest $500 million for Indian Startups

  3. Anchor Protocol’s Semi-dynamic Earn Rate Changes to 18% APY as of Yesterday

  4. Samsung Group’s Investment Arm Plans to List Its Blockchain ETF on The Hong Kong Stock Exchange

  5. DeFi Kingdoms' JEWEL Token Down 90% Because of A Recent Exploit

About Aspen Digital

Aspen Digital is a leading technology and financial services company with a mission to accelerate the mass adoption of digital assets. The company provides a digital asset management solution for asset managers, institutions, and sophisticated investors. Aspen Digital was co-founded by digital assets innovators and asset management veterans at Everest Ventures Group (“EVG”) and TT Bond Partners (“TTB”) in 2021.

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