Exchanges

Crypto Exchange OKEx Keeps Burning OKB After Cutting 70% of Supply

from Crypto Globe 4 years ago 0 0 1109

Crypto exchange OKEx has continued its buy-back & burn scheme for OKB after burning more than 70 percent of the coin's max supply.

The most recent coin burn concluded on Feb. 29, which removed 3.1 million OKB ($17.5 million).

Malta-based cryptocurrency exchange OKEx has continued its buy-back & burn program for OKB after burning 70% of the coin’s total supply.

According to a press release shared with CryptoGlobe, the world’s largest cryptoasset spot and derivatives exchange OKEx completed its seventh OKB buy-back & burn scheme on Feb. 29. The exchange bought and burned 3.18 million OKB ($17.5 million) between Dec. 1 2019 and Feb. 29, 2020.

OKEx uses 30% of the transaction fees generated each quarter from its spot market to fuel the buy-back & burn of its native token OKB. The exchange has reduced OKB’s circulating supply from 300 million to 282 million, in addition to burning 700 million unissued coins. According to the release, OKB has entered absolute deflation after burning more than 70% of its max supply, becoming the world’s first “fully circulating” platform token.

Jay Hao, CEO of OKEx said,

In the past two years, we have been exploring how to enhance the value of OKB. We have come a long way and are now extremely confident in our ability to drive value through OKB to our users, treating it as an essential foundation to our trading ecosystem and a bridge that connects OKEx to our valued users.

He continued,

The value of OKB lies in the privileges and functionalities it has to offer to its owner. I always stress that traders should own OKB only out of their rational estimate on the token's value rather than speculation.