Cronos (CRO) Jumps 40% After Crypto.com Announces Strategic Reserve Plans
Cronos, the token of Crypto.com, surged 40% following news of a Cronos Strategic Reserve for its layer-2 blockchain infrastructure. The reserve will be funded by reversing a token burn from February 2021 that removed 70 billion CRO, aiming to restore total supply to 100 billion CRO.
The proposal has received strong community support, with 86.81% of votes favoring its launch. A dedicated wallet will manage the reserve and will have a new five-year lockup period, extending the total vesting period to 10 years. Vesting will occur linearly every month via a Cosmos SDK mechanism.
The strategic reserve aligns with Crypto.com’s growth strategy as the US reshapes its cryptocurrency regulations. This includes plans for an ETF tracking CRO, joining other issuers like BlackRock and Fidelity in attracting institutional investment.
Crypto.com is also expanding its platform for institutional investors, featuring over 300 trading pairs and advanced trading strategies.