Crypto Exchange OKX Burns $258M of OKB Tokens
OKX has reported the successful completion of its 20th Buy-Back & Burn of its native token, OKB, amounting to 5.5 million tokens worth approximately $258 million based on its 90-day average price.
This buy-back program, which began in May 2019, occurs quarterly, with the assets acquired sent to an incineration address with limited access.
This brings the cumulative number of destroyed coins to 64 million out of an initial supply of 300 million, leaving 236 million in circulation.
In response to the quarterly burning, the price of OKBs saw a modest growth of 1.3%, while the crypto market as a whole went down by 0.2% (CoinGecko).
During the same time period, OKX published its seventh monthly reserve report showing $10 billion in Bitcoin, Ethereum, and USDT stablecoin.
