VALLETTA, Malta, Dec. 2, 2020 /PRNewswire/ -- OKEx (www.okex.com), a world-leading cryptocurrency spot and derivatives exchange, is pleased to announce that the 10th round of Buy-Back & Burn of its adopted global utility token, OKB, issued by the OK Blockchain Foundation, has been successfully completed. In this latest record-setting round, an additional 10% of OKB was added to the burn, making it the largest burn volume to date.
The total number of OKB bought back and burned from the secondary market between Sept. 1 and Nov. 30 was 4,060,773.48 OKB - equivalent to $22,050,000 - and has been transferred to a dedicated black-hole address. Starting on May 4, 2019, the OKB Buy-Back & Burn program has already seen a grand total of 28,548,715.55 OKB permanently removed from circulation, with a current circulating supply of 271,451,284.45 OKB.
The program highlights OKEx's commitment to providing OKB holders with a true deflationary platform token with a continually reduced supply. This is particularly pertinent at a time when many global fiat currencies are witnessing unprecedented amounts of quantitative easing that many fear will lead to widespread inflation.
"With each round of Buy-Back & Burn, we aim to provide additional value for OKB holders. In the previous round, we achieved a historic burn volume of $21 million. In this 10th round, we were able to surpass that total by adding an additional 10% of OKB to the burn," said OKEx CEO Jay Hao. "In addition to these quarterly burns that make OKB a scarcer asset, we are also continually expanding OKB's utility both inside and outside of the exchange."
OKB holders on the OKEx exchange can now benefit from a total of 15 internal privileges when trading on the platform. These range from discounted trading fees and OKB margin trading to exclusive early access to initiatives such as OKEx Jumpstart Mining, C2C lending, OKB Savings, voting rights and more.
Externally, the OKB ecosystem has developed as many as 77 different user applications worldwide, covering a wide range of services from payments, loans and financial management to technical security, tourism, life services, entertainment and social networking. The OKB team has also opened nine fiat trading channels - including the euro, Russian ruble, Korean won, Vietnamese dong, and Indonesian rupee. OKB is also available on more than 60 trading platforms, including Bitfinex and BitMax, covering 154 countries and regions.
"We are pleased with the work achieved so far and the continuous expansion of the OKB ecosystem and are committed to adding even greater utility and value to OKB throughout the coming year," Jay Hao added.
A world-leading cryptocurrency spot and derivatives exchange, OKEx offers the most diverse marketplace where global crypto traders, miners and institutional investors come to manage crypto assets, enhance investment opportunities and hedge risks. We provide spot and derivatives trading - including futures, perpetual swap and options - of major cryptocurrencies, offering investors flexibility in formulating their strategies to maximize gains and mitigate risks.