Academy Press Room Article

OKEx Releases OKB Buy-back & Burn Report: 5,945,273.91 OKB Burned

2019.12.11

On Dec 11 2019, OKEx (www.okex.com) released the latest OKB buy-back & burn report. According to the data, the amount of OKB bought back and burned between Sep 1 and Nov 30, 2019, was 5,945,273.91.

The OKB buy-back and burn scheme was launched on May 4, 2019 for the currently circulating 300 million OKB. OKEx use 30% of the spot market transaction fee income to buy back OKB and send them to a ‘black hole’ address to burn. As of writing time, a total of 13,978,364.45 OKB was burned.

OKB is a global utility token issued by the OK Blockchain Foundation and adopted by OKEx as global utility token. It is designed by the OKEx team of developers based on blockchain technology and backed with a token economy model. As mentioned in the OKB ecosystem report released on Dec 10, 2019, OKB now ranks among the top 20 cryptocurrencies by market capitalization globally, proudly offering over tens use cases, and is listed on 5 major C2C markets worldwide.

Apart from offering data on the buy-back & burn scheme, the report also touched on the progress of building an OKB ecosystem. In terms of platform empowerment, OKB has developed 11 use cases on OKEx, including OKEx Jumpstart, OKB trading market and OKNodes; OKB supporters and designated merchants can also enjoy trading fee discounts.

Besides, OKB has partnered with 26 external businesses, covering payment, market data, wallet, lending and wealth management, cybersecurity, travel, lifestyle, and entertainment applications, which allow OKB holders to purchase products or services with the token.

The building of OKB ecosystem is a key milestone towards cryptocurrency mass adoption for the entire industry.

OKB has also expanded its global coverage. Apart from listing on OKEx C2C market, OKB is also listed on renowned exchanges in a number of major C2C markets, including Bitsonic and Probit in South Korea, ALINIEX and Bvnex in Vietnam, as well as Indodax in Indonesia. The latest report also disclosed details of OKChain and OKDEx development progress. OKChain is currently at the final development stage and its testnet will be launched soon, and OKEx’s first Defi application OKDEx will also be available on OKChain by that time.


Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involves significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.

About OKEx

The world’s largest and most diverse cryptocurrency marketplace, OKEx is 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 great flexibility in formulating their strategies to maximize gains and mitigate risks.

Media contact:
Vivien Choi
Email: [email protected]
Telegram: @vivienchoi

Recommended