Crypto.com Monday has announced it is set to burn 70 billion of its native token, CRO tokens as it prepares for a mainnet blockchain launch in March.
In what the exchange referred to as “the largest in history,” they will commence with the burning of 59.6 billion CRO Monday. Out of the 70 billion tokens, the remaining 10.4 billion will be burned monthly as tokens are unlocked from smart contracts.
According to the Crypto.com blog, the burn will increase the circulating supply of CRO from the current 24% to over 80%. It is aimed at fulfilling part of Crypto.com’s bid to “fully decentralize” its Chain network.
Also, 5.9 billion of the burn will be allocated for block rewards and ecosystem development.
Following the announcement, the crypto exchange through another publication Monday made knows it will be launching Crypto.org Chain” blockchain on mainnet March 25, with CRO as its native currency.
The Crypto.com Chain is an open-source and permissionless blockchain that aims to provide high speed at low cost to users to make payments and develop DeFi products and NFTs.
While responding to the proposed lunch, the CEO Kris Marszalek said, 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.”