Bitget Announces the Merger of BWB and BGB Tokens to Enhance Its Ecosystem

Bitget has announced the merger of BWB and BGB tokens in an effort to enhance its ecosystem by integrating its wallet and token functionalities.

Bitget, a top-tier cryptocurrency exchange and Web3 gateway, has announced the merging of its BWB and BGB tokens in a move to integrate its wallet and token functionalities and bolster its ecosystem. This strategic initiative is aimed at enhancing user experience and expanding application possibilities across both centralized and decentralized platforms.

As the exclusive ecological token for the Bitget exchange, BGB has seen impressive growth, with its market cap reaching an all-time high, clocking in at $9.32 billion. During this period, BGB's market cap has soared by over 271% in the past 24 hours to approximately $1.32 billion, indicating strong market activity and investor confidence in the token.

This merger is designed to support ecosystem growth by broadening BGB's use cases, which include empowering launch pool initiatives and bolstering its presence on both on-chain and off-chain platforms. Being a platform of choice for high-quality projects and offering a range of services from pre-market, spot, to leveraged trading and contracts, Bitget ranks sixth globally in terms of trading volume with nearly $5 billion in the past 24 hours.

One of the largest Web3 wallets, Bitget Wallet caters to over 60 million users across various ecosystems. Together with Bitget's user base, the two collectively serve over 100 million users, making them a significant player in the cryptocurrency market. This integration will expand on-chain trading by deepening involvement with popular public chains and major DeFi ecosystems. The token will be integrally used within the Bitget Wallet for on-chain functions like multi-chain gas fee payments and will serve as a staking asset for mainstream lending and staking protocols. Starting in 2025, BGB will enter the offline PayFi scenario, facilitating real-world transactions such as shopping and dining at restaurants.

The merger rate between BWB and BGB was determined using the 7-day average closing prices from December 19 to 25, 2024, establishing a conversion rate wherein 100,000 BWB tokens can be exchanged for 8,563 BGB. This conversion will not impact the total issuance of BGB tokens, as no additional tokens will be created.

This strategic move by Bitget is set to strengthen their position in the digital currency market, enhancing the utility and reach of their platform with the merging of BWB and BGB tokens.