The leading crypto exchange, Bitget announced that it will merge its two tokens, Bitget Token (BGB) and Bitget Wallet Token (BWB) on December 26, 2024. Through this approach, the crypto exchange intends to create one token for its ecosystem.
The brand-new token will contain features like the Fair Launchpool and gas fee payments. Bitget also wants to integrate the new BGB token into public blockchains and the DeFi ecosystem. By integrating the token, the crypto exchange will make it a core asset for lending and staking.
“BGB has experienced an incredible year, with its market cap increasing by over 750%, making it the best-performing CEX token in 2024. By merging BGB and BWB, we are taking a major step toward building a unified and robust ecosystem that bridges on-chain and off-chain applications”, Gracy Chen, CEO of Bitget stated.
Bitget Strives to Expand its Ecosystem
However, the process will not change the total supply of BGB tokens. The exchange rate for the merger will be 11.68 BWB to 1 BGB.
The announcement pumped the Bitget token (BGB) to an all-time high of $7.79 with an impressive market cap of $10.3 billion. At the time of writing, the BGB token surged over 29% in the last 24 hours. However, the Bitget ecosystem faced massive liquidation.
Through new amendments, Bitget also strives to comply with MiCA regulations and expand its ecosystem further in the Europen market. The exchange also plans to expand its operations in 15 new countries.
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