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OKX steals the spotlight from Binance amid SEC debacle

OKX

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TL;DR

  • Amid SEC’s lawsuit against Binance, OKX is gaining prominence in the crypto industry.
  • It strategically burned $258 million of its OKB tokens, boosting its market value.
  • The exchange also strengthened its global presence through a partnership with Manchester City Football Club.
  • The company’s proactive management and strategic partnerships provide it an edge in the competitive crypto market.

Amid the turmoil unfolding in the cryptocurrency industry, OKX, one of the top global crypto exchanges, is seizing the moment to snatch the limelight from Binance, which currently grapples with legal entanglements involving the U.S. Securities and Exchange Commission (SEC).

While Binance finds itself under intense scrutiny, OKX is thriving, grabbing the attention of the crypto community and attracting a wave of new investors and traders seeking a robust and reliable platform.

Strategic burn boosts OKX’s attraction

The strategic OKX decision to torch over $258 million of its native tokens, known as OKB, between March and May has resulted in a surge in the token’s value.

The initiative saw the incineration of over 5.4 million OKB bought back from the secondary market, pushing the token’s value from $44 to $45 and raising its market cap to over $2.6 billion.

As part of its 20th Buy-Back & Burn program, OKX carefully purchased and eradicated the specified amount of OKB, equivalent to a whopping $258 million, calculated at a 90-day average price.

The move was a continuation of a practice initially kick-started on May 4, 2019. The exchange has committed to a periodic buy-back and burn exercise every three months, contingent on the seasonal market and operational performance.

After these recent actions, OKX has incinerated a total of over 64 million OKB to date, leaving the current circulation at approximately 236 million OKB.

OKX’s play on the global stage

This proactive management of its native token isn’t the only card OKX is playing to fortify its position in the market. The crypto exchange has amplified its brand visibility through a strategic alliance with Manchester City Football Club, serving as its Official Cryptocurrency Exchange Partner.

Their partnership coincides with Manchester City’s historic journey to the final in Istanbul, Türkiye, scheduled for June 10. As part of their endorsement, Manchester City players will don the OKX Training Kit before the showdown against Inter Milan at Atatürk Olympic Stadium.

This global visibility underlines the company’s strategic expansion efforts, with Türkiye being a key player. The company is slated to inaugurate a new office in the country soon, reinforcing its commitment to the Turkish market with its robust presence at Blockchain Economy Istanbul Summit and Istanbul Fintech Week.

This robust branding and marketing endeavor marks the end of a successful second season of the OKX-Manchester City partnership. It effectively introduced the platform to millions of football enthusiasts worldwide, creating a robust and innovative Web3 experience.

The collaboration also enabled fans to engage closely with Manchester City players and OKX ambassadors, including İlkay Gündoğan, Jack Grealish, Rúben Dias, and Alex Greenwood.

With Binance entangled in a lawsuit with the SEC, OKX’s timely maneuvers, from strategic token burns to high-profile partnerships, provide it with an advantageous position in the global crypto market.

As OKX continues to seize opportunities to enhance its market share and visibility, it appears the crypto exchange is destined to further solidify its position in the competitive digital currency landscape.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Jai Hamid

Jai Hamid is a passionate writer with a keen interest in blockchain technology, the global economy, and literature. She dedicates most of her time to exploring the transformative potential of crypto and the dynamics of worldwide economic trends.

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