Bitget announces merger of BWB and BGB tokens to enhance ecosystem integration
Bitget unifies ecosystem with BWB-to-BGB token merger
Bitget, a leading cryptocurrency exchange and Web3 company, has announced the merger of its two flagship tokens, Bitget Wallet Token (BWB) and Bitget Token (BGB).
This move, supported by community recommendations, aims to unify the ecosystem under a single token, BGB, to optimize operations and maximize utility across both on-chain and off-chain applications.
Exponential growth and market leadership
Over the past year, BGB has experienced substantial growth in both its holder base and market capitalization, driven by ongoing support from Launchpool initiatives and the introduction of innovative use cases, according to the exchange's website. Integrating BWB into BGB will further solidify BGB’s role as the foundational token of the Bitget ecosystem, enhancing its reach and functionality.
Bitget, recognized as one of the top three global exchanges by trading volume, offers a comprehensive suite of services, including pre-market, spot, margin, and futures trading. Its platform has become the preferred choice for high-quality projects launching tokens. Bitget Wallet, a decentralized Web3 wallet with over 60 million users, complements the ecosystem, providing a secure and user-friendly experience across Layer-1 and Layer-2 blockchain ecosystems. Combined, Bitget and Bitget Wallet serve over 100 million users globally, ranking second worldwide.
New horizons for BGB
Post-merger, BGB will serve as the central utility token, powering both exchange and wallet functionalities. It will be integrated into leading public blockchains and DeFi ecosystems, facilitating staking, lending, and on-chain trading. Additionally, BGB will support multi-chain gas fee payments and Fair Launchpool features through Bitget Wallet.
Starting in 2025, BGB will expand into offline PayFi applications, enabling payments in restaurants, travel, and shopping, thus creating a comprehensive Web3 finance and consumption solution.
Token swap details
The BWB-to-BGB token swap will be executed based on the 7-day average closing price of BWB/USDT and BGB/USDT from December 19 to December 25, 2024. The calculated exchange rate is 0.08563 BGB per BWB. For example, holders of 100,000 BWB will receive 8,563 BGB.
The merger will not impact the total supply of BGB, ensuring no additional tokens are issued.
A strategic milestone
With BGB already ranked among the top 30 global cryptocurrencies by market capitalization and demonstrating strong liquidity and community support, this merger marks a pivotal moment in Bitget’s expansion. By consolidating its tokens, Bitget reaffirms its commitment to delivering value, scalability, and innovation to its vast user base, setting a new standard in the Web3 ecosystem.
Meanwhile, Bitget's ongoing Christmas Rally campaign offers users the opportunity to earn up to 100% spot yields on select cryptocurrencies.
