Bitget, a cryptocurrency exchange and Web3 company, announced the consolidation of its native tokens: Bitget Token (BGB) and Bitget Wallet Token (BWB). In response to community demand, both tokens will be combined into the only ecosystem token – BGB, which will act as the main utility token for both the Bitget exchange and the Bitget Wallet.
Bitget token merger
Bitget ranks third in terms of trading volume. The platform offers comprehensive trading services, including pre-market, spot, margin and futures. Bitget Wallet, one of the largest global Web3 wallets, serves over 60 million users across leading tier one and two ecosystems.
Over the past year, BGB has achieved a spectacular market capitalization increase of over 750%, making it the best performing CEX token in 2024. BGB’s success is based on solid community support and growing demand for the token’s diverse uses.
As the cryptocurrency market matures, only the most resilient assets with solid ecosystems and real value can thrive throughout all stages of market cycles. Ranked among the top 30 tokens, BGB has emerged as a leading utility token with exceptional liquidity and a strong community. The merger will strengthen BGB’s role in the Bitget ecosystem and create new opportunities to explore the dynamic decentralized world
– he adds Gracy Chen, CEO of Bitget.
After the merger, BGB will become the main token driving the growth of the Bitget ecosystem, integrating with decentralized applications (dApps) and becoming a key asset in major blockchain ecosystems. It will support staking in lending protocols and DeFi applications, while also powering Bitget Wallet services including Launchpool and cross-chain gas payments. BGB will also be able to be used to pay for meals, travel, fuel, shopping and more, offering a seamless experience with Web3 PayFi.
To facilitate the transition, BWB holders on the Bitget exchange can automatically convert their tokens to BGB at a ratio of 0.08563, based on the 7-day average closing price of the BWB/USDT pair. After the exchange, all BWB tokens will be burned and the appropriate amounts of BGB will be sent to user accounts via airdrop. BWB trading and related services ended on December 27.
About Bitget
Bitget is one of the leading cryptocurrency exchanges and Web3 companies in the world. Serving over 20 million users from over 100 countries, it facilitates smart trading with its innovative copy trading feature and a range of other trading tools. And Bitget Wallet, formerly known as BitKeep, is a comprehensive multi-chain cryptocurrency wallet that offers users access to a wide range of Web3 solutions and features. The exchange works with trusted partners, such as legendary Argentine footballer Lionel Messi and eSports event organizer PGL, promoting the use of cryptocurrencies around the world.
Bitget is at the forefront of expanding cryptocurrency adoption through strategic partnerships, such as its role as the official cryptocurrency partner of the world’s best soccer league – LALIGAin the markets of Eastern Europe, Southeast Asia and Latin America, as well as global partnerships with top Turkish national athletes such as Buse Tosun Çavuşoğlu (world wrestling champion), Samet Gümüş (gold medalist in boxing) i İlkin Aydın (member of the national volleyball team) to inspire the global community to embrace the future of cryptocurrencies.
More information can be found on the Bitget website and on their profiles at TwitterTikTok, Telegram, LinkedIn and Discord.
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