The leading crypto exchange, Bitget announced that it will merge its two tokens, Bitget Token (BGB) and Bitget Wallet Token (BWB) on December 26, 2024.
Leading crypto exchange Bitget announced on Friday that it will merge its two tokens, Bitget Token (BGB) and Bitget Wallet Token (BWB), on December 26, 2024, to create a single token for its ecosystem.
The new token will feature the Fair Launchpool and gas fee payments. Bitget also plans to integrate the new BGB token into public blockchains and the decentralized finance (DeFi) ecosystem, making it a core asset for lending and staking.
“BGB has experienced an incredible year, with its market cap increasing by over 750%, making it the best performing CEX token in 2024. By merging BGB and BWB, we are taking a major step toward building a unified and robust ecosystem that bridges on-chain and off-chain applications,” said Gracy Chen, CEO of Bitget.
The process will not affect the total supply of BGB tokens. The exchange rate for the merger will be 11.68 BWB to 1 BGB.
The announcement sent the Bitget token (BGB) to an all-time high of $7.79, with an impressive market cap of $10.3 billion. At the time of writing, the BGB token has surged over 29% in the last 24 hours. However, the Bitget ecosystem faced massive liquidation.
Bitget also plans to expand its ecosystem further in the European market by making changes to comply with Markets in Crypto Assets (MiCA) regulations. The exchange also aims to begin operating in 15 new countries.
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