Bitget has announced plans to burn 800 million of its native BGB tokens, equivalent to 40% of the total supply, valued at approximately $6.8 billion.
Bitget has announced plans to burn 800 million of its native BGB tokens, equivalent to 40% of the total supply, valued at approximately $6.8 billion.
This significant move is part of a broader strategy to enhance the token's value and utility within the exchange's ecosystem.
In a recent press release, Bitget detailed its intention to implement quarterly burns of the BGB token, using 20% of profits generated from exchange operations and its crypto wallet. These buybacks and burns are set to commence in 2025, following a model previously adopted by other prominent exchanges, including Binance.
Additionally, on Dec. 26, Bitget revealed its decision to merge the Bitget Wallet Token (BWB) into the BGB token.
This merger aims to create a unified ecosystem token for both the exchange and its wallet services. The company clarified that this integration will not alter the total supply of BGB, with an exchange rate established at approximately 11.68 BWB to 1 BGB.
The announcement comes alongside the release of an updated whitepaper for the BGB token, which outlines the token’s future direction and utility within the Bitget platform.
The exchange has positioned itself as a competitive player in the crypto market, employing strategies aimed at increasing liquidity and user engagement.
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