OKEx Continues Their Ongoing OKB Token Buyback

[Oxumare]

Cryptocurrency exchange OKEx announced the eighth round of buyback for its platform’s proprietary OKB token.

Cryptocurrency exchange OKEx announced the eighth round of buyback for its platform’s proprietary OKB token.

In a June 5 announcement, OKEx announced the start of the eighth and largest buyback of OKB tokens. From March 1 until May 31, the exchange bought and burned over 3.5 million OKB tokens, which at its current price of $5.35, translates to a total value of over $18.7 million.

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.”


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