Bitget consolidates its two tokens (BGB and BWB) into a single token. This objective is to integrate its exchange and wallet ecosystems.
Bitget, a centralised cryptocurrency exchange, will consolidate its two tokens, Bitget Token (BGB) and Bitget Wallet Token (BWB). The company disclosed the merger on December 26.
This action generates a singular token that is applicable to both the Bitget exchange and the Bitget Wallet.
As stated in the announcement, the Fair Launchpool and gas fee payments will be the functions of the new BGB token. Additionally, Bitget intends to incorporate the token into DeFi ecosystems and public blockchains. Their objective is to establish BGB as a fundamental asset for staking and lending.
Bitget Token (BGB) reached an all-time high of $7.79 as a result of this news. The token’s market capitalisation has now surpassed $10.3 billion. Today, BGB was up 30%, and it has gained more than 350% in December alone.
This is in stark contrast to the broader crypto market, which underwent substantial liquidations. In contrast, the largest exchange-based token, BNB, experienced a mere 13% growth this month. Bitcoin also declined below $95,000, despite having achieved the $100,000 milestone in early December.
“BGB has had an extraordinary year, with a market capitalisation that has increased by more than 750%, rendering it the most successful CEX token in 2024.” Gracy Chen, CEO of Bitget, informed BeInCrypto that the integration of BGB and BWB represents a significant stride towards the establishment of a unified and resilient ecosystem that connects on-chain and off-chain applications.
In the interim, the merger will not alter the total supply of BGB. The merger’s exchange rate is 11.68 BWB to 1 BGB. December 27 will mark the termination of Bitget’s BWB-related services.
In general, Bitget has experienced substantial expansion in 2024. As per CoinGecko data, it is currently the fifth-largest centralised exchange in terms of daily transaction volume.
Bitget intends to expand into numerous new markets in 2025 following a successful conclusion to the previous year. Similar to BeinCrypto’s previous allegation, the exchange is contemplating the establishment of its EU centre in Lithuania.
This would enable it to adhere to MiCA regulations and pursue more effective expansions in the European markets. Bitget is also in the process of obtaining regulatory approval in 15 countries. It has already obtained licenses in numerous EU countries.
Bitget may penetrate the US market, particularly if pro-crypto reforms are enacted during the impending Trump administration. Bitget was previously unable to expand into the largest crypto market due to licensing issues.
Nevertheless, there are regulatory obstacles, particularly in Japan. In November, the Japan Financial Services Agency (FSA) issued a warning to Bitget and other exchanges, including KuCoin and Bybit, for lack of appropriate registration.
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