OKEx continues to burn OKB cryptocurrencies and sets a new record
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Answer OKEx continues to burn OKB cryptocurrencies and sets a new record
The system of burning cryptocurrencies has become one of the most common advantages associated with digital currencies, as it is based on reducing and reducing the available currency, with the aim of increasing its value or with the aim of fulfilling previous promises to early investors.
Malta-based platform OKEx continues its program of buying back and burning OKB cryptocurrencies, after burning 70% of the total coin supply.
According press release One of the world’s largest cryptocurrency exchanges has completed the buyback and OKB burn that ended on February 29.
OKEx purchased and burned 3.18 million OKB units, valued at approximately $17.5 million, and the process started on December 1, 2019 and ended on February 29, 2020.
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OKEx uses 30% of its quarterly fee to fund the buyback and burn OKB process.
The platform reduced the supply and supply of circulating OKB from 300 million to 282 million, in addition to burning 700 million unlisted OKB earlier.
According to the statement, OKB went through a deflation process after burning more than 70% of its maximum and total width, setting a record in terms of its total volume compared to other cross-platform coins.
Jay Hao, CEO of OKEx stated:
In the past two years, it has been explored how to improve the value of the OKB.
We have come a long way and are now fully confident in our ability to pass on value through OKB to our users, treating it as a core factor of our trading system and a bridge connecting OKEx to our valued users.
He added:
The value of OKB lies in the perks and functions it offers to its owners.
I always stress that traders should only own the OKB from their rational appreciation of the value of the token rather than speculation.
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