OKEx a crypto exchange has recently announced the eighth round of buyback for OKB token which is the proprietary token of the exchange. It was announced by the firm on June 05, that this is the largest buyback of OKB token. It has been reported that in three months i.e. from March 01 to May 31, it has bought and burned around 3.5 million tokens.
This OKB buyback was launched by OKEx in May 2019. Back then there were around 300 million tokens in the circulation and since then, 20.67 million tokens have been burned. All these burnt tokens are sent to the “black-hole address.
According to the announcement by OKEx, the exchange aims towards encouraging the development of the OKB ecosystem with this buyback rather than influencing the price of the token. As reported earlier, the exchange has burned around 700 of unissued tokens in February 2020. During that time, the firm has also announced that it will not be issuing more tokens. In the near future, the exchange will also be adding its tokens to its native blockchain platform, OKChain. Back in March 2019, it was announced by the exchange that it is developing a blockchain platform and will be launching a decentralised exchange on it very soon.
Over the past few months, it has been seen that OKEx is emerging as the top Bitcoin futures exchange across the world as per the volume. Along with this, the exchange is also expanding rapidly. Recently, it has also launched Ether options contracts to its platform and will be soon launching the EOS options as well. June 19 is the date which has been set for the launch of EOS options. The firm also believes that for the crypto ecosystem, derivatives play a very important role.
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