OKEx Reports Over $20 Million OKB Coin Burn In August

OKEX (Courtesy: Twitter)
OKEX (Courtesy: Twitter)

OKEx, a leading cryptocurrency and spot exchange, has reported a historic coin burn of $21 million worth of OKB. An official media release said that OKEx is set to release the latest OKB Ecosystem Monthly Report (August 2020) that reveals a historic burn volume of 3,816,358.49 OKB (equivalent to $21,000,000), in its ninth round of Buy-Back & Burn.

OKB’s Buy-Back & Burn initiative was launched in May 2019 for the then-circulating 300 million OKB tokens. 30% of the spot market transaction fee was used to buy back OKB from the market and send them to a to burn.

As of today, a total of 24,487,942.07 OKB have been burned, taking the current OKB circulation to 275,512,057.93.

In addition to this, with the launch of the OKChain testnet in February, the 700 million unissued OKB tokens were also burned, making OKB the world’s first fully circulating platform token and fully deflationary currency. Through this initiative, OKB becomes a scarce asset, providing OKB holders with greater long-term value. 

“This record burn volume of OKB deepens our commitment to OKB holders in providing them a deflationary platform token with a continually reduced supply. This is especially pertinent at a time when central banks around the world are ceaselessly printing money, and when many fiat currencies are experiencing problems with inflation. OKB is designed to serve holders not only as a way of accessing multiple benefits within the OKEx platform and through its growing list of partners but also as a long-term store of value and a real alternative to fiat,” OKEx CEO Jay Hao commented.

OKB provides its millions of holders with additional incentives and benefits beyond its ongoing Buy-Back & Burn scheme. According to the report, OKB continues to forge new partnerships and has currently developed 76 application scenarios for its users worldwide. These cover a range of services that allow them to use the OKB token for payment, to obtain loans, mortgages, tourism and entertainment services, C2C services, trading services, and even social networking.