Bitget merges BGB & BWB tokens to boost ecosystem growth
Bitget, a cryptocurrency exchange based in Seychelles, has announced the merger of its two native tokens, Bitget Token (CRYPTO:BGB) and Bitget Wallet Token (CRYPTO:BWB), in response to community demand.
This merger aims to create a unified ecosystem token, BGB, which will enhance utility across both Bitget Exchange and Bitget Wallet.
Bitget is recognised as one of the fastest-growing centralized exchanges globally, ranking among the top three in trading volume.
The exchange offers a wide range of trading services, including pre-market, spot, margin, and futures trading.
Bitget Wallet, with over 60 million users, is one of the largest Web3 wallets and is widely used across various blockchain ecosystems.
Together, these platforms serve over 100 million users worldwide, solidifying their position as a significant player in the crypto market.
“BGB has experienced an incredible year, with its market cap increasing by over 750%, making it the best-performing CEX token in 2024,” stated Gracy Chen, CEO of Bitget.
She emphasized that this merger represents a significant step toward building a robust ecosystem that integrates on-chain and off-chain applications.
With this merger, BGB will become integral to decentralized applications (DApps) and will support staking within lending protocols and DeFi applications.
Additionally, BGB will facilitate various services within Bitget Wallet, including Fair Launchpool and multi-chain gas fee payments.
The conversion rate for BWB holders will be set at 0.08563 BGB per BWB token based on a seven-day average closing price of the BWB/USDT pair on Bitget.
Following the swap process scheduled for December 27, all BWB tokens will be burned, and equivalent BGB tokens will be airdropped to users' accounts.
“As the crypto market matures, only the most resilient assets with robust ecosystems and real-world value can thrive through cycles,” Chen added.
This merger is expected to enhance BGB’s role within Bitget’s ecosystem and open new opportunities in the decentralized space.
At the time of reporting, the Bitget Token (BGB) price was $7.26, and the Bitget Wallet Token (BWB) price was $0.5636.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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