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.

AccessTimeIconFeb 22, 2021 at 11:38 a.m. UTC
Updated Sep 14, 2021 at 12:14 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.