Cryptocurrency exchange Bitget has announced plans to consolidate its two native tokens, Bitget Token (BGB) and Bitget Wallet Token (BWB), into a single utility token, BGB. The transition, effective Dec. 27, aims to create a unified onchain and off-chain ecosystem.
Token Merger: Bitget Unifies BGB and BWB for Ecosystem Growth
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Bitget Merges Tokens BGB and BWB
Bitget, ranked among the top three globally in trading volume, manages over 100 million users across its centralized exchange (cex) and decentralized applications ( dapps). Bitget Wallet, its associated Web3 wallet, claims 60 million users and operates on various blockchain networks. Both employ a native token that is designed for each Bitget ecosystem.
Gracy Chen, Bitget’s CEO, highlighted the market performance of BGB, describing it as one of the best-performing tokens in 2024, with a market cap increase exceeding 750%. She framed the merger as a strategic step to enhance token utility and foster ecosystem integration.
“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,” Chen remarked to Bitcoin.com News.
BGB will serve as the central asset across Bitget’s platform, enabling features such as staking in decentralized finance (defi) protocols and payments for gas fees on multi-chain applications. The company also plans to explore practical use cases for the token, including dining, travel, and shopping payments through its Web3 Payfi services.
Existing BWB tokens will be converted to BGB at a 0.08563 ratio, calculated using a seven-day average price. Following the swap, BWB tokens will be burned, and the process will be automated for users holding BWB on the Bitget exchange.
The merger reflects the broader trend in the cryptocurrency market of consolidating assets to bolster liquidity and utility. Chen noted that resilient tokens with strong community backing are best positioned to thrive in the evolving crypto landscape.
