OKX Ramps Up OKB Buyback and Burn, Setting Alight $552 Million

IconCryptoNewsTerminal Staff13 Jun, 2024

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OKX Ramps Up OKB Buyback and Burn, Setting Alight $552 Million

On Tuesday, on-chain data analytics provider Lookonchain took to Twitter to announce that an "OKX wallet just burned 12.13 million OKB ($552 million) after buyback." The burning of OKB is a part of the exchange's ongoing quarterly burn scheme. OKX, one of the world's leading cryptocurrency exchanges, has long been a proponent of the buyback and burn model. By regularly removing a portion of its circulating supply from the market, OKX aims to increase the scarcity of OKB and bolster its long-term value. The exchange had previously announced a commitment to burning an aggregate of up to $1 billion worth of OKB via quarterly buyback-and-burn schemes.

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