Crypto.com to Burn 70B CRO Tokens Ahead of Full Blockchain Launch Next Month
"The largest token burn in history" will start Monday, the firm said.
Feb 22, 2021 at 11:38 a.m. UTCUpdated Aug 19, 2021 at 7:24 a.m. UTC
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Cryptocurrency exchange Crypto.com has announced it is to destroy 70 billion of its own CRO tokens as it prepares for a mainnet blockchain launch in March.
- Calling the burn "the largest in history," the crypto exchange will commence with the burning of 59.6 billion CRO Monday. The remaining 10.4 billion will be burned monthly as tokens are unlocked from smart contracts.
- The circulating supply of CRO will increase to over 80% from its current 24% as part of Crypto.com's bid to "fully decentralize" its Chain network, according a blog post.
- The burn will leave 5.9 billion tokens to be allocated for block rewards and ecosystem development.
- In other news, Crypto.com has announced that the "Crypto.org Chain" blockchain will launch on mainnet March 25, with CRO as its native currency.
- The open-source and permissionless blockchain will aim to provide high speed at low cost to users to make payments and develop DeFi products and NFTs.
- The firm plans to "build its payments, DeFi and [non-fungible token] offerings on top of Crypto.org Chain, as will many partner projects, getting the benefit of not only superior infrastructure, but also access to our full ecosystem with 5m+ user base," said CEO Kris Marszalek.
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