OKEx’s Adopted Utility Token OKB Hits Historic Burn Volume of $21 Million in 9th Round of Buy-Back & Burn

By AIT News Desk On Sep 3, 2020

OKEx a world-leading Cryptocurrency spot and derivatives exchange, has released the latest OKB Ecosystem Monthly Report (August 2020) that reveals a historic burn volume of 3,816,358.49 OKB (equivalent to $21,000,000), in its ninth round of Buy-Back & Burn. OKB is the global utility token issued by the OK Blockchain Foundation, which powers the OKEx trading platform.

OKB’s Buy-Back & Burn initiative was launched in May 2019 for the then-circulating 300 million OKB tokens. 30% of the spot market transaction fee was used to buy back OKB from the market and send them to a black-hole address to burn. As of today, a total of 24,487,942.07 OKB have been burned, taking the current OKB circulation to 275,512,057.93.

In addition to this, with the launch of the OKChain testnet in February, the 700 million unissued OKB tokens were also burned, making OKB the world’s first fully circulating platform token and fully deflationary currency. Through this initiative, OKB becomes a scarce asset, providing OKB holders with greater long-term value.

OKEx CEO Jay Hao commented: “This record burn volume of OKB deepens our commitment to OKB holders in providing them a deflationary platform token with a continually reduced supply. This is especially pertinent at a time when central banks around the world are ceaselessly printing money, and when many fiat currencies are experiencing problems with inflation. OKB is designed to serve holders not only as a way of accessing multiple benefits within the OKEx platform and through its growing list of partners but also as a long-term store of value and a real alternative to fiat.”

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OKB provides its millions of holders with additional incentives and benefits beyond its ongoing Buy-Back & Burn scheme. According to the report, OKB continues to forge new partnerships and has currently developed 76 application scenarios for its users worldwide. These cover a range of services that allow them to use the OKB token for payment, to obtain l****, mortgages, tourism and entertainment services, C2C services, trading services, and even social networking.

In addition to OKB’s increasing utility outside of the OKEx exchange, OKB holders can also enjoy expanded privileges on the OKEx platform. These include discounted trading fees, early access to OKEx Jumpstart projects, C2C lending, OKB margin trading, OKB Saving and many more.

Furthermore, the August report reveals that OKB has now opened a total of nine fiat trading channels, including the euro, Russian ruble, Korean won, Vietnamese dong and Indonesian rupee. More than 60 trading platforms have also added OKB trading pairs, including Bitfinex and BitMax, covering 154 countries and regions worldwide.