Bitget Releases New Whitepaper for Its Native Token BGB, Unveiling an Unprecedented 800 Million Token Burn Initiative

Bitget, the leading cryptocurrency exchange and Web3 company, has released a new whitepaper for its native token, Bitget Token (BGB). The update introduces an unprecedented initiative to burn 800 million BGB tokens—valued at over $5 billion based on current market prices—alongside plans to expand the token’s utility.

Cryptocurrency exchange Bitget has announced the burning of 800 million Bitget Tokens (BGB), valued at over $5 billion based on current market prices, as part of an effort to introduce a deflationary supply model for BGB and expand its utility.

According to a press release shared with Cryptonews.com, the new whitepaper for BGB outlines an ambitious token burn plan, starting with the immediate and permanent burn of 800 million BGB – 40% of the total supply – reducing the circulating supply to 1.2 billion.

Beginning in 2025, Bitget will initiate quarterly burns by allocating 20% of profits from Bitget Exchange and Bitget Wallet, including revenues from spot, futures, and NFT transactions, to buy back and burn BGB. All burn activities will be recorded on-chain, ensuring transparency and accountability to the community.

The exchange recently announced the merger of Bitget Token (BGB) and Bitget Wallet Token (BWB). Following this merger, BGB will serve as the unified token for Bitget’s centralized and decentralized ecosystems.

Currently, BGB offers various benefits to its holders, including fee discounts, VIP privileges, and access to token farming through Launchpool. Looking ahead, Bitget plans to expand BGB’s utility within on-chain ecosystems, positioning it as a core asset for staking, liquidity provision, and airdrop eligibility. Additionally, BGB will power Bitget Wallet services, such as multi-chain gas fee payments, while extending its use cases to everyday PayFi scenarios.

In the competitive landscape of crypto exchanges, Bitget has distinguished itself as the fastest-growing centralized exchange (CEX) in recent years. This achievement is conquered by a team of 1,600 professionals across 60+ countries, a comprehensive ecosystem encompassing fiat, spot, margin, and futures trading, and cutting-edge technology ensuring a seamless trading experience.

Bitget further strengthens user confidence with advanced security measures, including a $600M Protection Fund and a monthly updated Proof-of-Reserve report. Its proactive compliance strategy, and acquisition of licenses in multiple jurisdictions, strengthens its position as world’s leading CEX.

“CEXs are the backbone of crypto’s growth towards mass adoption. Bitget’s mission of fuelling the next wave of innovation will unfold in the coming year, said Gracy Chen, CEO at Bitget. “Our decision to burn $5 billion worth of BGB aligns with our plans of making it a powerful medium of transacting value. Our next phase will extend BGB’s utility on-chain, integrating it into more Dapps and bringing it to the masses, making BGB available to all, making PayFi a part of everyday life,” she added.

BGB has shown exceptional performance in 2024, with its market capitalization increasing by over 1000% in the past year and over 100-fold since its inception. This impressive growth is backed by a proven track record of the token’s strong use cases and the success of Bitget’s innovative ecosystem.