CRO Gains Almost 70% Following Two Big Announcements from Crypto.com

Key highlights:

• The CRO token displayed a major price spike today thanks to 2 announcements from Crypto.com
• According to the exchange, they will burn 70 billion CRO
• The Crypto.org Chain blockchain's mainnet will go live on March 25

CRO token gains almost 70% following 2 big announcements from Crypto.com

The CRO token went on a price surge today on the back of two important announcements from Crypto.com. The token gained 68.4% in the last 24 hours, despite the cryptocurrency market as a whole losing 9.1% in the same time period.

First, the company announced a major CRO token burn, in which 70 billion CRO tokens will be permanently destroyed. After this token burn, the circulating supply of CRO will represent 80% of the total supply (this figure is only at 24% prior to the burn). Following the burn, there will be 5.9 billion locked CRO tokens – 5 billion will be used to incentivize the Crypto.com Chain’s validators, and the remaining 0.9 billion CRO will be allocated to Particle B, which will use the funds for "ecosystem development".

Buy/Sell CRO

Crypto.com also announced that the mainnet of the Crypto.org Chain will be launching on March 25. CRO will serve as the native asset of the Crypto.org Chain. According to Crypto.com, the Crypto.org Chain has been deemed ready to launch after two successful testnets and a mainnet dry-run competition.

The Crypto.org Chain blockchain is based on the Tendermint Core consensus engine, and the network uses Proof-of-Stake consensus. Crypto.org Chain will support smart contracts, and Crypto.com says the platform will be suitable for use cases such as payments, decentralized finance and NFTs.

When taking a brief look at the Crypto.org Chain, It’s hard not to draw parallels with Binance Smart Chain, a blockchain platform backed by the Binance cryptocurrency exchange. However, Binance Smart Chain has already gained a lot of traction – it remains to be seen whether Crypto.com is late to the party or if the Crypto.org Chain will still manage to attract a sizeable userbase.

The fact that other exchange tokens such as BNB, OKB and FTT have also been rallying recently could have provided an additional boost to CRO today. BNB has gained a whopping 524% in the last 30 days, but other exchange tokens have also been delivering – OKB, FTT and HT are all up over 200% in the same time period.