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OKEx burns OKB crypto worth $37.8M

TL;DR Breakdown

  • OKEX burn more of its utility crypto, OKB.
  • This is the 13th Buy-Back and Burn the exchange would do.
  • OKB has been developed to serve many purposes via OKEx platform including C2C services.

OKEx crypto exchange has announced the burning of over 2,320 OKB crypto (OKEx global utility cryptocurrency issued by OK Blockchain Foundation).

In a press statement on Friday, the exchange noted that the OKB team commenced the 13th round of its Buy-Back & Burn program between June. 1, 2021, and August. 31, 2021.

In this round, the total number of OKB bought back and burned from the secondary market was 2,320,679.53 OKB — equivalent to around $37.8 Million.

The OKB Buy-Back & Burn program was initially launched on May 4, 2019, when 30 percent of the spot-market transaction fees was used to buy back tokens from the original pool of 300,000,000 OKB which were subsequently sent to a burning address that nobody can access.

After its most recent burn, the exchange says it has burnt a total of 34,884,561.31OKB. The current OKB in circulation is 265,115,438.69 OKB.

Many other diverse use of OKB crypto

Towards continuously providing benefits to its many users, the OKB team said it partnered dozens of businesses and other partners to foster the application of OKB on the OKEx platform and within global partners’ ecosystems.

The ecosystem has continued to expand to cover more areas and has benefited long-term OKB users in many ways. OKB notes that it has built 15 internal privileges based on the OKEx platform for millions of users worldwide.

With this, OKB crypto holders can enjoy privileges like Trading fee discounts, OKEx Jumpstart, OKB Savings, Converting small balances to OKB, OKB margin trading (3x leverage), among series of other benefits.

The OKB system also has developed 80 applications worldwide covering payments, transactions, wallets, loans and financial management, technical security, tourism, life services, entertainment, social networking, electronic contracts, and C2C services.

OKB holders can also enjoy first-class security services, mortgage-lending services, various wallet services, online and offline shopping payment services, hotel reservation services and more, through the utilization of OKB.

Lastly, the OKB team has opened nine fiat trading channels including the Euro, Russian ruble, Korean won, Vietnamese dong, and Indonesian rupee. More than 60 trading platforms including OKCoin Japan, Bitfinex, and BitMax added OKB trading pairs, covering 154 countries and regions.