Crypto.com, a cryptocurrency and payment platform, has announced it will burn up to 70 billion CRO tokens as a way to create a fully decentralized, open-source, public chain with high speed and low fees. The company said in an official blog announcement, it will burn 59.6 billion on February 22, 2021.
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Later, Crypto.com will burn a total of 10.4 billion that is currently locked in a smart contract on a monthly basis. The company says this burn will help to increase the circulating supply of CRO "from current 24% to over 80%."
Out of the remaining 5.9 billion CROs, Crypto.com will allocate 5 billion to mainnet block rewards for Chain validators and delegators, and the remaining 0.9 billion CROs to Particle B for Chain ecosystem development. The launch of the Crypto.org Chain mainnet is set for 25 March 2021.
Earlier this year, Crypto.com entered into a partnership with Alchemy, which provides blockchain development platform functionality, for the prospect of creating Crypto.com’s own developer platform, Crypto.com Chain. Part of the partnership is the ability to reduce costs for developers.
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