Bitget has announced that it will combine its two tokens, Bitget Token (BGB) and Bitget Wallet Token (BWB), into one token. This merger, announced on December 26, seeks to improve the connection between Bitget’s exchange and wallet systems, representing an important step forward in the platform’s capabilities.
BGB has reached a record high of $7.79, showing strong growth even when the cryptocurrency market is down. The token’s market cap has risen to more than $10.3 billion, with a significant 30% increase in value on the announcement day and over 350% gains in December. Other big cryptocurrencies like BNB and Bitcoin have had smaller changes.
The new BGB token will help with different tasks, like supporting the Fair Launchpool and being used for gas fee payments. Bitget aims to add BGB to public blockchain systems and DeFi platforms, making it a key asset for staking and lending. BGB has become a top token in the centralized exchange (CEX) sector, with its market cap growing by more than 750% in 2024.
Gracy Chen, CEO of Bitget, highlighted that the merger is an important move to build a complete ecosystem connecting on-chain and off-chain applications. The total supply of BGB will stay the same, with an exchange rate of 11.68 BWB for 1 BGB, and all BWB services will end on December 27.
Bitget has grown a lot globally and is now the fifth-largest centralized exchange based on daily trading volume. The company plans to enter new markets and set up an EU hub in Lithuania by 2025.
Challenges continue, especially in Japan, where there have been regulatory warnings. Bitget’s fast growth and new ideas, like the token merger, strengthen its role in the cryptocurrency market.
