[Taklimakan Blog] Crypto.com Burns 70 Billion CRO Coins
CRO Token Issuer Crypto.com Announces 70 Billion Tokens Burned Ahead of Project Mainnet Launch
Cryptocurrency payment resource Crypto.com burned 70 billion CRO coins (~ $ 16.3 billion). The company announced this in its official blog.
The decision to burn such a large amount of tokens stems from the desire to create a “completely decentralized open-source network.”
The company destroyed the first 59.6 billion CRO (~ $13.9 billion) on February 22. Another 10.4 billion (~ $2.4 billion) coins will be burned monthly. Burning tokens is expected to increase CRO turnover from 24% to over 80%.
Of the remaining 5.9 billion (~ $1.3 billion), 5 billion CROs will be allocated for rewards to validators. The remaining 0.9 billion CRO (~ $210 million) will remain for the development of the ecosystem, the announcement says.