Bitget Releases Updated Whitepaper for Its Native Token, BGB, Highlighting Ecosystem Advancements, Enhanced Holder Benefits, and a Quarterly Buyback and Burn Program

Established in 2018, Bitget is the world's leading cryptocurrency exchange and Web3 company. Serving over 45 million users in 150+ countries

Cryptocurrency exchange Bitget has announced several updates to its native token, Bitget Token (BGB), through a revised whitepaper. The updates include strategic advancements in Bitget’s ecosystem, enhanced benefits for BGB holders and the official launch of a quarterly buyback and burn program.

According to the announcement on Friday, the updates aim to strengthen BGB’s utility and value within Bitget’s ecosystem. The updates are highlighted in an updated whitepaper on the exchange's platform.

Announced on December 30 by the Seychelles-based Web3 company, the updates are as follows:

Strategic Updates and Ecosystem Advancements

The updated whitepaper reflects Bitget’s latest developments, including its strategic positioning within the cryptocurrency market, the expansion of its ecosystem, team growth and compliance milestones. These updates underscore Bitget’s commitment to innovation and transparency as it continues to lead in the crypto exchange sector.

The updates also highlight Bitget’s recent initiatives, such as its strategic partnerships, product launches and regulatory milestones, which are all geared towards enhancing the overall user experience and expanding Bitget’s presence in the crypto market.

Enhanced Benefits for BGB Holders

BGB holders will enjoy new and updated perks, with plans for additional use cases in the near future. These benefits further integrate BGB into Bitget’s ecosystem, solidifying its role as a core asset for platform engagement.

Benefits for BGB holders include platform fee discounts, priority access to new token launches, airdrop participation, voting rights on platform governance proposals and more. These benefits are designed to encourage long-term BGB hodling and active participation in the Bitget ecosystem.

Buyback and Burn Program for Sustainable Growth

Bitget has officially launched its quarterly buyback and burn program to optimize the tokenomics of BGB. The program is structured as follows:

A total of 20% of Bitget’s net platform revenue will be allocated to the buyback and burn program on a quarterly basis. This allocation will be used to buy back BGB from the secondary market, which will then be burned.

The buyback and burn mechanism is designed to reduce BGB's circulating supply over time, thereby increasing its scarcity and driving up its price. This strategy is commonly employed by projects to enhance the value of their native tokens.

Current TokenomicsAfter the initial burn, BGB’s total supply will be reduced to 1.2 billion tokens, with the entire supply circulating in the market.

Initially issued on July 26, 2021, at a price of 0.0585 USDT, BGB continues to play a pivotal role in Bitget’s ecosystem.

The updated whitepaper provides additional details on these initiatives, demonstrating Bitget’s commitment to creating long-term value for BGB holders.

For further information, access the updated Bitget Token (BGB) whitepaper directly on Bitget’s platform.

About Bitget

Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 45 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

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