Cronos Considers Reissuing 70 Billion CRO

According to the proposal, these assets, valued at approximately $5.9 billion, would become Cronos’ strategic reserve. They would be placed in an escrow wallet with a five-year vesting period. The funds would be released gradually, with approximately 1.17 billion CRO being released into circulation each month.

Cronos representatives note that additional tokens are needed to implement the plans outlined in Crypto.com’s February roadmap. Among the priorities are the launch of its own stablecoin and the creation of an exchange-traded fund based on CRO in the United States.

However, users reacted negatively to the proposal, expressing concern that increasing the emission from 30 billion to 100 billion CRO will lead to a devaluation of their investments. The token is currently trading at $0.084, which is significantly lower than the historical maximum of $0.96 recorded in November 2021 (according to CoinGecko). However, over the past 24 hours, the price of CRO has increased by almost 14%.

Voting on this issue will last until March 17. At the moment, holders of 5.2% of the total number of CRO have taken part in it, and about 87% of them spoke out against the reissue.

Earlier, it was reported that in January, the CFTC could launch an investigation into futures contracts offered on the Crypto.com platform.