Cryptocurrency exchange OKEx announced the eighth round of buyback for its platform’s proprietary OKB token.
OKEx’s OKB buyback initiative was launched in early May 2019, when there were still 300 million of the tokens in circulation. After this last burn, a total of over 20.67 million OKB tokens were burned.
All the burns result in a current total number of tokens in circulation under 280 million OKB, for a market cap just short of $321 million. The burned tokens are sent to what OKEx fittingly calls a “black-hole address.”
Yesterday, June 5 OKEx announced the start of the eighth and largest buyback of OKB tokens.
The purpose of the burns is not to influence the token’s price, but to instead encourage the development of an ecosystem based on OKB.
In the future, OKEx promises that the tokens will be moved to their native blockchain, OKChain, but so far there’s just a test network