OKX Destroys 5.5 Million OKB Tokens Through Buy-back Program

The 20th cycle of the program took place from March 1, 2023, to May 31, 2023. During this period, the price of OKB was $41.57, reflecting a decline of 7.82%.

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OKX, a cryptocurrency exchange based in Seychelles, recently finished the 20th cycle of its Buy-Back and Burn program. As part of this program, approximately 5.5 million OKB tokens were destroyed. The exchange repurchased a total of 5,497,312.77 OKB tokens from the secondary market and burned them, as mentioned in a blog post. These tokens had a value of $258 million, based on a 90-day average.
The cryptocurrency exchange introduced the Buy-Back and Burn program in May 2019. This initiative involves the exchange repurchasing OKB tokens on a quarterly basis from the initial supply of 300 million tokens. The amount of tokens repurchased depends on market conditions and the performance of the company during that particular time of the year.

One of the Largest Burns in History

The 20th cycle of the program took place from March 1, 2023, to May 31, 2023. During this period, OKX burned 64,042,314.70 OKB tokens by sending them to an inaccessible location. As a result, there are currently approximately 35,957,685 OKB tokens in circulation.

Also Read: OKX Partners with Nomura-Backed Crypto Storage Firm Komainu as Custodian

The most recent burn marked the third largest in the history of OKX, considering the number of tokens that were destroyed. During the fifth round, which took place from June to August 2019, a total of 6.1 million OKB tokens were burned. The sixth round, occurring between September and November 2019, had the second highest value, surpassing $5.9 million.

Based on data from CMC, OKB was being traded at $41.57 at the time of this information, showing a decline of 7.82% in the past 24 hours.

OKX has played a significant role in boosting the value and attractiveness of OKB tokens for holders, contributing to the overall growth of the cryptocurrency market. The exchange has made significant progress in establishing itself as a trusted and transparent platform, aiming to become the industry’s new benchmark for reliability and credibility.

In its recent proof-of-reserves (PoR) report, OKX disclosed that it holds $10 billion worth of bitcoin (BTC), ether (ETH), and Tether (USDT), along with other well-known cryptocurrencies. The report also revealed that Bitcoin, Ethereum, and Tether have reserve ratios of 103%, indicating that the exchange has slightly more than the required reserves for these specific cryptocurrencies.

Also Read: OKX Launches Updated App for Virtual Asset Spot Trading in Hong Kong

Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.

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