Leading cryptocurrency spot and derivatives exchange OKEx has completed a historic coin burn of $21 million worth of OKB.
According to a press release published on September 2, the Malta-based exchange is set to release the latest edition of its OKB Ecosystem Monthly Report, which reveals the record-setting coin burn.
Per the report, OKEx destroyed 3,816,358.49 of its native token OKB in the ninth round of its Buy-Back & Burn program, equivalent to $21 million at the time. OKB represents the global utility token issued by the OK Blockchain Foundation, which powers the exchange.
The Buy-Back & Burn initiative, launched in May 2019, was implemented for OKB’s original 300 million circulating supply.
According to the report, 30% of spot market transaction fees were used to buy back OKB from the market and send the tokens to a “black-hole address” for burning.
The report claims more than 24.4 million OKB has been burned to date, bringing to the total circulating supply to 275 million.
OKEx CEO Jay Hao said of the program,
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.
The August report revealed that OKB now operates a total of nine fiat trading channels across more than 60 trading platforms, with exchanges covering 154 countries and regions worldwide.
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