OKEx cryptocurrency exchange is on the move to continue its OKB token buy-back and burn of OKB. The latest shift has announced via press release on June 5.
As per the information, this is the eight-round of OKB buyback and the largest one out of all.
The OKEx exchange is the part of the OK blockchain foundation which is constantly thriving to upgrade its system and helping the cryptocurrency ecosystem towards the crypto adoption via its spot and derivate exchange platform.
From March 13, OKEx has taken a place of world’s top Bitcoin (BTC) futures exchange by volume and is aggressively pushing the robust processes further, to expand its presence globally.
OKEx: OKB Buy-Back is Crucial & Not Shaking its Price
OKEx blog mentions that the buy-back of OKB token and the burn of OKB is crucial, and towards the achievement of the company’s goal, “to provide sustainability in the OKB ecosystem.”
Moreover, this step would also aid the use cases for OKB, therefore benefitting its holders “without influencing the price of OKB token.”
The blog states that “From the period between March 1 and May 31, a total of 3,509,874.52 OKB was bought back and burned (equivalent to USD $19,000,000, as per OKB price on June 2, 2020). This represents a $1 million increase from the previous period.”
OKB Becomes “deflationary token”
The blog reads that the company started the process of buy-back and burn off 300 million OKB tokens on May 4, 2019- which were in circulation during the time.
To date, the current circulating supply of OKB token after the eight-round is 279,328,416.42. As the latest round of OKB has passed through a burning process via black-hole address.
With the launch of the OKChain testnet in February 2020, the 700 million unissued OKB tokens were also burned. On that note, the company decided not to launch any other further tokens in the future.
Reportedly, this step “converted the OKB token into a fully deflationary token as well as the world’s first fully circulating platform token,” which claims to provide the better services and trading experience.
Additionally, the blog also mentions daily routine advantages for the holders of OKB token.
Meaning, people “can enjoy multiple high-quality services from mortgage lending to hotel reservations, and security services by using OKB”
Earlier, Koinpost reported that OKEx has issued the ETH/USD (ETHER) options contract services, in addition to BTC/USD, and EOS/USD is about to launch on June 18.