Crypto Exchange OKX Burns $258M Worth of its Native Token OKB

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OKX has destroyed 64 million of its tokens in its 20th native token buyback and burn procedure, with nearly 5.5M OKB valued at roughly $258M taken out of circulation.

The program was launched in May of 2019, and is done quarter-based with the tokens destroyed being sent to an inaccessible incineration address.

Over the day, the price of the asset rose 1.3%, and the total market capitalization dropped 0.2% (CoinGecko).

Previously, in May, OKX revealed a reserve report with $10 billion worth of Bitcoin, Ethereum, and USDT in it.