Bitget Releases New Whitepaper for Its Native Token (BGB), Unveiling an Unprecedented 800 Million Token Burn Valued at Over $5 Billion

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 plans to burn $5 billion (around Rs. 41,000 crore) worth of its native token, Bitget Token (BGB), in a bid to accelerate its utility and enforce a deflationary supply model.

According to a press release shared with Gadgets 360, the new whitepaper for BGB introduces an immediate and permanent burn of 800 million BGB tokens — nearly 40 percent of the total supply. This will reduce the circulating supply to 1.2 billion tokens.

Beginning in 2025, Bitget will allocate 20 percent of profits from Bitget Exchange and Bitget Wallet, including revenues from spot, futures, and NFT transactions, to buy back and burn BGB, the press release noted.

All burn activities will be recorded on-chain to ensure transparency and community accountability, the company said.

Recently, Bitget merged Bitget Token (BGB) and Bitget Wallet Token (BWB). Following this integration, BGB serves as the unified token for both Bitget's centralized and decentralized ecosystems.

Currently, BGB offers several benefits to 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 claims to have distinguished itself as the fastest-growing centralized exchange (CEX) in recent years.

This achievement is driven 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, the company said.

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 aligns with our plans of making BGB 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.