Bitcoin

Bitget Merges BGB and BWB Tokens for Unified Ecosystem

December 26, 2024

Bitget, a leading cryptocurrency exchange and web3 platform, has announced the merger of its native tokens, Bitget Token (BGB) and Bitget Wallet Token (BWB).

The unified token, BGB, will now serve as the core utility token across the Bitget Exchange and Bitget Wallet ecosystems.

Key Highlights:

BGB as Unified Token:
BGB will power both Bitget’s centralized exchange and decentralized applications, including staking, DeFi integrations, and multi-chain transactions via Bitget Wallet.
Exchange Details:
- BWB tokens will be swapped for BGB at a ratio of 0.08563, calculated from a 7-day average closing price.
- The swap will be automatic for Bitget platform users. Off-platform holders can use Bitget Wallet for the exchange.
- December 27: All BWB services, including trading and related bots, will cease. BWB tokens will be burned, and BGB equivalents will be airdropped.
Utility Expansion:
BGB will integrate into real-world use cases, such as payments for dining, travel, and shopping, alongside its role in decentralized finance (DeFi) applications.
BGB Growth in 2024:
The token saw a 750% market cap increase this year, becoming one of the top-performing centralized exchange tokens.

Comments from Leadership:

Gracy Chen, CEO of Bitget, remarked:

“By uniting BGB and BWB, we are strengthening our ecosystem to seamlessly connect on-chain and off-chain use cases. This step ensures that every token holder benefits from Bitget’s expanding ecosystem.”

Additional comments from the exchange:

“Starting in 2025, BGB will also expand into offline PayFi applications, enabling seamless payments across various consumer scenarios, including dining, travel, gas, and shopping. This will provide users with a one-stop Web3 + finance + consumption solution.”