Crypto.com's Troubled Waters: Terminated DAT Stock and Slashed Card Rewards

Crypto.com's troubles have been mounting in recent months. The company's proposed multi-billion dollar digital asset treasury (DAT) stock, which was supposed to be 'the first and largest publicly traded $CRO treasury company', has been terminated due to prevailing market conditions.

The company's CEO, Kris Marszalek, had forecasted that the DAT stock would have become the world's largest $CRO holder, exceeding the market capitalization of $CRO itself. However, none of these forecasts came true.

Crypto.com has also slashed rewards for cardholders, including reducing cashback rates and airport lounge access. The changes affect 'Ruby' tier cards, which will now have a 1.5% cashback rate instead of the previous 2%, and 'Icy White' tier cards, which will lose their unlimited 4% cashback rate.

The news comes on top of other recent issues facing Crypto.com, including the departure of several top executives, including its Chief Legal Officer Nick Lundgren and Chief Marketing Officer Steven Kalifowitz. The company has also shed 12% of its staff, around 180 jobs, in March.