Cronos App Rebrands as Ult, Directs All Revenue Toward Buying and Burning CRO
The Cronos app will be rebranded to Ult on September 17, marking a significant shift in strategy for the Cronos ecosystem. According to Ryan Wyatt, CEO of Cronos Labs, the new platform will direct all revenue toward buying and burning CRO.
This decision comes as part of a broader plan to allocate development resources towards products that drive revenue directly to CRO. The previous app name could give traders the wrong impression about what markets are available through Ult, which offers spot trading, perpetual contracts covering crypto, stocks, and commodities, sports predictions, and Universal Deposit for funding accounts.
The proposed buyback-and-burn strategy would send 100% of Ult and Cronos Launch revenue toward buying CRO on the open market and burning it. Wyatt emphasized that this plan is still subject to governance approval and would create a direct link between activity on new products and CRO supply.