to Burn 70B CRO Tokens
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22 February
55 55, 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, 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, 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 Chain mainnet is set for 25 March 2021.

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Earlier this year, entered into a partnership with Alchemy, which provides blockchain development platform functionality, for the prospect of creating’s own developer platform, Chain. Part of the partnership is the ability to reduce costs for developers.

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