Despite a sharp 50% price drop two months ago, BGB, the native token of the famous crypto exchange Bitget, has recently witnessed an unprecedented price surge, drawing many investors’ attention. Within the past month, it has soared by 150.1% to reach a new all-time high. Its market capitalization has also jumped by about 12.3% to reach $4.75 billion, ranking it among the 32 largest cryptocurrencies by market cap.
Many factors have pushed the crypto’s rise. On Monday, it passed the historic $3.5 mark and continues to surge as more investors pump funds into the exchange-minted token, hoping it will soar like Binance Token, BNB.
BSP License Bagged in El Salvador
As the crypto exchange revealed in a recent press release, it has received a green light from El Salvador’s Central Reserve Bank (Banco Central de Reserva), which granted it a Bitcoin Service Provider (BSP) license.
Obtaining the license, Bitget has been approved to offer Bitcoin services such as Bitcoin-to-fiat exchanges, payment facilitation, and secure Bitcoin custody solutions within the country’s borders.
Notably, the exchange is also pushing for a Digital Assets Service Provider (DASP) license from the National Commission of Digital Assets (NCDA) to offer sales, purchases, transfers, and storage services for other cryptocurrencies in El Salvador.
“Latin America holds immense promise as a hub for crypto innovation, and El Salvador stands out as a pioneer with its bold embrace of Bitcoin as legal tender. Securing the BSP license is a regulatory milestone for Bitget. We’re here to fuel the region’s growth by providing secure, accessible, and innovative Bitcoin services,” says Min Lin, Chief Business Officer at Bitget.
Investor Optimism Grows
Many investors have shifted their portfolios to include digital assets, moved by the recent uptrend in the crypto market. Notably, considering how Binance Native Token, BNB, has resisted various market conditions during the year, investors foresee a better future for BGB. They expect it to follow in the same footsteps of resilience despite volatility or wavering conditions in the crypto market.
Recently, BNB hit a new all-time high of $780 per coin with a market cap above $100 billion, securing its position as the sixth-largest crypto by market capitalization.
Meanwhile, Binance’s former CEO says he’s not taking the role again, although investors think his return will help boost the token.
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