Cronos to reissue 70B tokens for strategic reserve, price jumps 37%
Cronos rises on news
The Layer 1 blockchain linked to the Crypto.com exchange is considering a proposal to create a Cronos Strategic Reserve Wallet, which would fund development projects, including the launch of a spot ETF by the end of 2025.
According to Crypto.news, the reserve is planned to be formed by reissuing 70 billion CRO tokens that were burned in 2021.
At the time, this burn was considered one of the largest in crypto history, reducing the total supply from 100 billion to 30 billion CRO to support decentralization efforts before the Cronos mainnet launch.
Now, the blockchain aims to reissue these tokens and distribute them over five years through a vesting plan. This move will finance the project's roadmap, including plans for a Crypto.com stablecoin and a spot ETF launch by late 2025.
Token reissuance is a done deal
Although the voting on the proposal will officially end on March 17, it has already secured over 99.76% approval, making the return of CRO’s total supply to 100 billion nearly certain.
Typically, token unlocks lead to price drops, but in this case, CRO surged 37% on March 3, surpassing $0.10, following news of the strategic reserve and ETF plans.
CRO price performance on March 3. Source: CoinMarketCap
As of writing, Cronos continues its upward trend, with its price rising 15% in 24 hours to $0.085 and trading volume soaring more than sevenfold to $188 million.
As we wrote. the Crypto.com exchange offers the opportunity to trade the most popular cryptocurrencies on favorable terms. The site is distinguished by large trading volumes, a wide selection of assets available for trading, and the ability to get a loan in cryptocurrency.
