OKX burned $258 million worth of OKB tokens


Crypto exchange OKX has completed its 20th native token buyback and burn procedure. The platform withdrew nearly 5.5M OKB worth ~$258M from circulation (based on 90-day average price).

The platform launched the OKB Buy-Back & Burn program in May 2019. OKX buys back tokens every three months based on market and operational performance. Assets are sent to an incineration address that no one else has access to.

The cumulative number of destroyed coins reached 64 million. There are 236 million OKB in circulation out of an initial supply of 300 million tokens.

The price of the asset reacted to the quarterly burning with a weak growth – OKB added 1.3% over the day. The capitalization of the crypto market over this period decreased by 0.2% (CoinGecko).

OKX burned $258 million worth of OKB tokens
Data: CoinGecko.

Recall that in May, OKX published its seventh monthly reserve report, showing $ 10 billion in bitcoin, Ethereum and USDT stablecoin.

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