Crypto.com With Bold New Plans for Its Blockchain – What’s Next?

Crypto.com’s blockchain Cronos is proposing to reintroduce 70 billion CRO tokens that were previously burned in 2021, a move that would restore the total supply to 100 billion CRO.

This decision comes as part of a larger strategy that involves creating a “strategic reserve wallet” for these tokens, with the aim of gradually releasing them over five years.

The decision to revive the burned tokens is linked to Crypto.com’s ambition to establish an exchange-traded fund (ETF) for CRO. This move is expected to capitalize on the growing institutional interest in the crypto space.

The original burn in 2021 was a significant event in the industry, reducing the CRO supply from 100 billion to 30 billion tokens in order to promote decentralization and support Cronos’ mainnet development.

However, this proposal has faced strong backlash within the community. Many critics argue that such a move could undermine the progress made with decentralization, calling it a backward step for the project.

The CRO token has evolved significantly since its inception as Monaco Coin (MCO), which was initially tied to the MCO Visa Card. After rebranding in 2021, it became the native token of the Cronos Chain, a blockchain built using the Cosmos SDK.

In addition to its mainnet launch, Cronos developers are also working on a zkEVM Layer 2 solution, which will allow integration with Ethereum, further expanding its reach in the crypto ecosystem.