The Seychelles-registered cryptocurrency exchange OKX completed its 21 quarterly round of burning amounts of its native token.
It sent more than 6.1 million OKB (over $265 million going by current rates) to a wallet that nobody can access.
OKX’s Latest Burn
The team behind the marketplace announced on X (Twitter) that the 21st burning round included 6,140,520.48 OKB tokens. The endeavor is part of the company’s Buy-Back and Burn program, which started in May 2019. So far, the crypto exchange has removed over 70 million tokens from the circulating supply.
21st round of $OKB Buy-back & Burn
We have repurchased and burned another 6,140,520.48 #OKB
Including this latest event, a total of 70,182,835.18 OKB has been successfully burned to date.
Details: https://t.co/kluSzPLFNx pic.twitter.com/6glWZNfKrf
— OKX (@okx) September 18, 2023
Such an initiative is considered bullish since reducing the market supply could make the asset more scarce and, hence, more valuable in time.
OKB
We współpracy z: https://cryptopotato.com/okx-concludes-21st-round-of-okb-burn-program/
