Bitget Unveils Major BGB Token Update, Plans Quarterly Repurchases and Burns

Cryptocurrency exchange Bitget has announced updates to its Bitget Token (BGB) whitepaper, introducing new changes to its tokenomics.

Cryptocurrency exchange Bitget has announced a major update to its BGB token, introducing new changes to its tokenomics.

As part of the update, Bitget will burn 800 million BGB tokens that are currently held by the core team, which constitutes 40% of the total BGB supply. This burn will reduce the total BGB supply to 1.2 billion tokens, with all of the remaining tokens being in circulation.

According to the announcement, Bitget will be releasing on-chain records of the burn. At the time of writing, BGB’s price has surged by 23% to $8.36, bringing the token’s market capitalization to $11.7 billion.

Furthermore, Bitget has announced that it will burn BGB every quarter by destroying 20% of its profits, which are derived from trading fees across Bitget’s services. The repurchased tokens will be sent to a burn address, and the exchange will share the details of the burn after each quarterly event.

This news comes a day after Bitget announced that it will merge its Bitget Wallet Token with BGB to create a single ecosystem token for both the Bitget exchange and Bitget Wallet. Starting in 2025, the combined token will expand into off-chain payfi scenarios, enabling payments at restaurants, for travel, at gas stations, and during shopping, offering users a one-stop Web3 and consumption service.