Seychelles-based crypto exchange Bitget has announced the merger of its affiliated tokens, BGB and BWB. The move aims to consolidate the two tokens into a single, unified token, BGB, which will serve as the “foundational fuel for the exchange.” Notably, the BGB token has increased by 25.64% in the last 24 hours and has gained over 5% since the announcement.
BGB (Bitget Token) and BWB (Bitget Wallet Token) are two tokens that serve distinct purposes within the Bitget ecosystem. BGB is the native token of the Bitget exchange, used for trading, staking, and lending. At the same time, BWB is the native token of the Bitget Wallet, which promotes user engagement and community governance within the non-custodial wallet.
Bitget Plans Token Merger
BGB will be integrated into leading public chains and top DeFi ecosystems as part of the merger. The exchange claims this integration will enable on-chain trading services, allowing users to trade assets directly on the blockchain. Additionally, BGB will gradually become a core asset in lending and staking protocols.
According to the announcement, the merger will also enable BGB to power various features on the Bitget platform, including the Fair Launchpool and multi-chain gas fee payments. The exchange boasts the token will provide users with a more comprehensive and convenient way to interact with the platform, enhancing the overall user experience.
Interestingly, the merger is a milestone in Bitget’s ecosystem expansion, and the exchange operators hope it will add value to the BGB and BWB communities.
What’s Next for BWB?
Bitget will discontinue BWB-related token services on December 27. This includes removing BWB/USDT from spot trading and the spot trading bot. Following the discontinuation, a token swap will occur, with BWB swapped for BGB based on the 7-day average closing price of BWB/USDT and BGB/USDT.
The swap timeline will be announced separately. Once completed, all BWB will be retrieved and destroyed, and the corresponding amount of BGB will be airdropped into users’ spot accounts without impacting its total supply.
Come 2025, the exchange plans to expand the merged BGB into offline PayFi applications, enabling payments across various consumer services. It believes this will provide users with a one-stop place for Web3, finance, and consumer solutions, solidifying its position in the crypto industry.
BGB Token Sees Impressive Growth
According to the aggregator platform CoinMarketCap, the BGB token has demonstrated remarkable growth, with over 1000% surge in 2024, outpacing its top-five-ranked closest rivals. The token’s volume surpassed $1.3 billion within the last 24 hours.
The performance can be attributed to the exchange’s growth, ecosystem expansion, and increasing user adoption. The platform’s user base has grown significantly, reaching over 40 million and 60 million for the exchange and wallet, respectively.
