Nikolas Sargeant
Bitget, a leading global cryptocurrency exchange, has announced a strategic merger between its Bitget Wallet Token (BWB) and Bitget Token (BGB), consolidating the two into a single unified ecosystem token. The move aims to enhance the functionality of both the centralized Bitget exchange and the decentralized Bitget Wallet, simplifying token management for users and expanding BGB’s utility across a broader range of decentralized finance (DeFi) applications.
Unified BGB Token to Power Future Features and Ecosystem Growth
The newly unified BGB token will play a central role in the Bitget ecosystem, with plans for integration into Bitget Wallet's offerings, including the Fair Launchpool and multi-chain gas fee payments. Bitget envisions BGB becoming a core staking asset for mainstream lending and staking protocols, as well as enabling on-chain trading services across major decentralized finance networks. With a combined user base of over 100 million across both Bitget and Bitget Wallet, the move is expected to drive greater adoption of the BGB token in both the centralized and decentralized cryptocurrency markets.
Despite the broader market experiencing widespread declines, BGB has seen a remarkable price surge, gaining nearly 25% in just 24 hours and over 50% in the past week. At the time of writing, it is trading at $7.24. The merger will not impact the total supply of BGB, with the conversion rate set at approximately 11.68 BWB to 1 BGB. Bitget clarified that BWB-related services will be discontinued on the platform as of 4:00 PM China Standard Time (UTC+8) on December 27, 2024.
