Bitget Announces Token Merger As BGB Hits All-Time High Amid Liquidations

Centralized crypto exchange Bitget will merge its two tokens, Bitget Token (BGB) and Bitget Wallet Token (BWB). The company announced the merger on December 26. 

This move creates a single token for both the Bitget exchange and the Bitget Wallet.

Bitget Token Continues to Hit New All-Time Highs 

According to the announcement, the new BGB token will power features like the Fair Launchpool and gas fee payments. Bitget also plans to integrate the token into public blockchains and DeFi ecosystems. They aim to make BGB a core asset for lending and staking.

This news pushed Bitget Token (BGB) to an all-time high of $7.79. The token’s market cap now exceeds $10.3 billion. BGB rallied 30% today and gained over 350% in December alone. 

This contrasts with the broader crypto market, which experienced notable liquidations. For comparison, BNB, the largest exchange-based token, only grew by 13% this month. Bitcoin also dropped below $95,000, despite hitting its $100,000 milestone in early December.

“BGB has experienced an incredible year, with its market cap increasing by over 750%, making it the best-performing CEX token in 2024. By merging BGB and BWB, we are taking a major step toward building a unified and robust ecosystem that bridges on-chain and off-chain applications, Gracy Chen, CEO of Bitget told BeInCrypto.

Meanwhile, the merger will not change the total supply of BGB. The exchange rate for the merger is 11.68 BWB to 1 BGB. Bitget will stop BWB-related services on December 27.

Overall, Bitget has achieved tremendous growth throughout 2024. According to CoinGecko data, it is now the fifth-largest centralized exchange by daily trading volume.

After a successful final year, Bitget plans to enter several new markets in 2025. As BeinCrypto reported earlier, the exchange is considering setting up its EU hub in Lithuania. 

This would help it comply with MiCA regulations and pursue more effective expansions in the Europen markets. Bitget is also working on regulatory approval in 15 countries. It already holds licenses in several EU nations.

Most notably, Bitget may enter the US market if pro-crypto reforms pass under the upcoming Trump administration. Licensing issues previously prevented Bitget from expanding into the largest crypto market. 

However, regulatory challenges exist, particularly in Japan. Earlier in November, Japan’s FSA warned Bitget and other exchanges like KuCoin and Bybit for operating without proper registration.