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Ruholamin Haqshanas
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Ruholamin Haqshanas
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Cronos, the Layer 1 blockchain linked to crypto exchange Crypto.com, is evaluating a controversial proposal to reissue 70 billion CRO tokens, effectively undoing a major token burn from 2021.
If approved, the move would restore the total supply to its original 100 billion CRO.
The proposal suggests placing the reissued tokens, worth approximately $6.3 billion, into a “strategic reserve wallet” with a five-year vesting schedule.
The development comes as Crypto.com prepares to file for a CRO exchange-traded fund (ETF) in a bid to attract institutional investors.
The 2021 burn was one of the largest in crypto history, reducing the supply from 100 billion to 30 billion CRO tokens to promote decentralization ahead of Cronos’ mainnet launch.
However, the potential reversal has sparked backlash on X.
“Once again, the direction being pushed for CRO is moving away from what Crofam has consistently asked for,” one X user wrote.
“Yes, the Cronos ecosystem has bold ambitions… AI Agents, ETFs, institutional adoption and so on but flooding the market with tokens locked up for another 5 years doesn’t align with the vision. We want a lean, efficient tokenomics model that prioritizes burns to drive value.”
Crypto.com initially launched the Monaco Coin (MCO) for its Visa card program before transitioning to its own blockchain, renaming MCO to CRO.
The Cronos Chain, developed using the Cosmos SDK, went live in November 2021, and a Layer 2 Cronos zkEVM blockchain on Ethereum is also in development.
Currently, CRO has a circulating supply of 27.3 billion tokens, with a cap of 30 billion and a market valuation of $2.4 billion.
Following the proposal, CRO’s price surged to $0.08891, gaining over 20% in the past 24 hours, according to data from CoinMarketCap.
As reported, Crypto.com can now officially expand its services to all European Economic Area (EEA) member states after receiving a Markets in Crypto-Assets (MiCA) license from the Malta Financial Services Authority.
The milestone makes Crypto.com the first major global crypto asset service provider to secure full MiCA approval, allowing it to operate across the EEA’s 30 countries.
More recetly, the exchange launched stock and exchange-traded fund (ETF) trading for U.S. users in Pennsylvania, Ohio, Washington, and Arizona.
The company plans to expand the feature nationwide, offering zero-commission trades, fractional shares, and securities transfers within its app.
Crypto.com has also introduced an institutional trading platform in the United States, aiming to complement its existing crypto retail trading mobile application.
The new platform will offer more than 300 trading pairs and advanced trading tools tailored to institutional clients, signaling the company’s deeper push into Wall Street.
Crypto.com’s institutional platform will compete with services offered by other major US-based exchanges, including Coinbase, Kraken, and Gemini, as well as Wall Street firms like BlackRock and Fidelity, which have entered the market with crypto ETFs and tokenized assets.
