TL;DR
- Bitget will merge its BWB and BGB tokens into a single asset, BGB, aiming to simplify its ecosystem and enhance its functions in CeFi and DeFi environments.
- The BGB token now encompasses utilities both on-chain, such as staking and gas fee payments, and off-chain, with future applications in PayFi for shopping, tourism, and more starting in 2025.
- During 2024, the company has surpassed 100 million users across its platforms.
Bitget, one of the leading platforms in decentralized (DeFi) and centralized (CeFi) finance, has announced the merger of its BWB and BGB tokens into a unified asset: the BGB token. The goal is to simplify and enhance the use of resources within its ecosystem.
The merger will provide new levels of interoperability between Bitget’s exchange and wallet, while significantly expanding the token’s utilities. From now on, BGB will play a central role in on-chain transactions, including gas fee payments across multiple chains and staking in DeFi systems. Additionally, it will extend its functionality to off-chain applications. Starting in 2025, users will be able to use BGB in PayFi scenarios, such as payments in restaurants, shopping, and tourism.
The transition has been structured with a focus on transparency and fairness for token holders. The exchange rate between BWB and BGB has been set at 0.08563 BGB per BWB, based on an average of closing prices from December 19 to 25, 2024. This methodology ensures that token values align with market conditions. Notably, no new BGB tokens will be issued, preserving the token’s scarcity and inherent value.
Bitget Surpasses 100 Million Users
The company reports that Bitget Wallet has tripled its user base in 2024, surpassing 60 million active accounts. Meanwhile, its exchange, with trading volumes that place it among the top three platforms in the sector, continues to attract high-profile projects and users. Together, both platforms now have over 100 million users.
With the integration of the tokens and the expansion of their use cases, Bitget aims to establish BGB as a globally recognized asset. The merger will pave the way for a more inclusive and efficient decentralized financial experience for its community
