Okex bought and burned more than 3.5 million tokens.

Okex bought and burned more than 3.5 million tokens.

The Malta-based cryptocurrency exchange OKEx recently revealed the completion of its eighth and largest redemption and burning of OKB tokens . The platform bought and burned more than 3.5 million tokens. 

The largest buyout and burnout of OKEx to date?

Almost all of the leading cryptocurrencies are in the spotlight now, while some have been in the right light, after several additions to their platform, a few others have drowned in troubled waters. For example, the recent merger of Coinbase during the rise in the price of Bitcoin has left many alternatives to trading. Moving away from the controversial, Malta-based cryptocurrency exchange ,   OKEx recently revealed that its token, OKB , had suffered its biggest redemption as well as its burn.

The OKB token issuer , OK Blockchain Foundation, previously deployed the buyout and burnout firm OKB on May 4, 2019. However, the platform claims to lead the initiative to "foster the sustainability of the OKB ecosystem and promote the use case for OKB “instead of meddling in the price of the token.

Approximately 3509 874.52 OKB have been bought and burned on 1 March 2020 to 31 March 2020. The eighth and redemption fees combustion OKB have been considered the most important because it recorded an increase of 1 million dollars last time. While a total of 20,671,583.58 OKBs were burned, the OKBs remaining in circulation totaled 279,328,416.42. All OKB tokens have been transferred to a black hole address to complete the burning process.

The OKB token located at rank 33 was seen at $ 5.35 at the time of writing. The price of the piece seems to have had a slight boost up. However, in recent days, it seems to be moving mainly laterally.

While the redemption or burning of OKB tokens does not appear to have had any significant effect on the price of the token, the stock market claims to have converted the OKB token to a full deflationary token. In the same vein, the platform said that 700 million unissued OKB tokens were burned in February 2020, precisely after the release of the OKChain test network.

Claiming to be the world's first fully circulating platform token, OKEx highlighted the benefits for token holders. The post read,

"In order to provide maximum benefits to OKB users , the focus has been on pursuing partnerships and adopting OKB not only on the OKEx platform , but also with global environmental partners . The OKB ecosystem continues to grow, bringing benefits to OKB users in many new and exciting ways. "

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