Bitget to Merge BGB and BWB Tokens, Advancing a Unified Onchain Ecosystem

VICTORIA, Seychelles, Dec. 26, 2024 (GLOBE NEWSWIRE) --  Bitget, the leading cryptocurrency exchange and Web3 company, has announced the merger of its native tokens, Bitget Token (BGB) and Bitget Wallet Token (BWB). The move, driven by strong community demand, aims to unify the two tokens into a single ecosystem token, BGB, which will serve as the ultimate utility token for both Bitget Exchange and Bitget Wallet.

As one of the fastest-growing centralized exchanges (CEXs), Bitget ranks among the top three globally in trading volume, offering a comprehensive suite of pre-market, spot, margin, and futures trading services. Bitget Wallet, one of the largest Web3 wallets globally, boasts over 60 million users and is widely adopted across leading Layer-1 and Layer-2 ecosystems. Together, Bitget and Bitget Wallet now serve more than 100 million users worldwide, securing their position as the second-largest CEX ecosystem globally.

“BGB has experienced an incredible year, with its market cap increasing by over 750%, making it the best-performing CEX token in 2024. This success is backed by the strong community support and growing demand for BGB across various use cases.” Gracy Chen, CEO of Bitget, commented, “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. This move will enhance the utility of BGB, and ensure that every holder benefits from Bitget ecosystem growth.”

With the merger, BGB will become the unified token driving the Bitget ecosystem’s growth. It will be integrated deeply into decentralized applications (DApps), becoming a core asset within major blockchain ecosystems and supporting staking in lending protocols and DeFi applications. It will also power Bitget Wallet's services, including Fair Launchpool and multi-chain Gas fee payments. In addition, BGB will explore real-life use cases, enabling users to pay for dining, travel, fuel, shopping, and more, offering a seamless Web3 PayFi experience.

To facilitate a seamless transition, BWB holders on the Bitget exchange can automatically swap their BWB to BGB. In detail, BWB tokens will be converted into BGB at a 0.08563 ratio, calculated using a 7-day average closing price of the BWB/USDT pair on Bitget. After the swap, all BWB tokens will be burned, and the equivalent BGB will be airdropped to users’ accounts. BWB trading and related services will cease on December 27.

"As the crypto market matures, only the most resilient assets with robust ecosystems and real-world value can thrive through cycles. BGB, ranking among the top 30 tokens, has established itself as a leading utility token with exceptional liquidity and a strong community. This merger will enhance BGB’s role within Bitget’s ecosystem and create new opportunities for it to explore the dynamic decentralized world," added Gracy Chen, CEO of Bitget.

For more details about the token merger, please visit the link.

About Bitget

Established in 2018, Bitget is the world's leading cryptocurrency exchange and Web3 company. Serving over 45 million users in 150+ countries and regions, Bitget is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World's Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

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A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/127bf539-7af1-41b7-8cee-cbe040f83e93

source: Bitget Limited