Bitget announced the release of a new whitepaper for its native token, Bitget Token (BGB), following the announcement of the merger between Bitget Token (BGB) and Bitget Wallet Token (BWB). The whitepaper outlines the plan to burn 800 million BGB tokens, which is valued at over 5 billion US dollars based on the current market price.
The new whitepaper demonstrates Bitget’s firm commitment to the deflationary model of BGB and aims to accelerate the development of its ecosystem. The token burn plan will start with the immediate permanent burning of 800 million BGB tokens, accounting for 40% of the total supply, reducing the circulating supply to 1.2 billion tokens. Starting from 2025, Bitget will initiate a quarterly burn mechanism, using 20% of the profits from Bitget Exchange and Bitget Wallet (including spot, contract, and NFT trading revenue) to repurchase and burn BGB tokens. All burn activities will be recorded on the blockchain to ensure transparency and accountability to the community.
Previously, Bitget announced the merger of Bitget Token (BGB) and Bitget Wallet Token (BWB), with the merged BGB becoming the unified token for Bitget’s centralized and decentralized ecosystem. Currently, BGB holders can enjoy fee discounts, VIP privileges, and participate in token mining through Launchpool, among other benefits. In the future, Bitget plans to further expand the on-chain applications of BGB, making it a core asset for staking, liquidity provision, and airdrop eligibility. Additionally, BGB will drive Bitget Wallet services such as multi-chain gas fee payments and extend to everyday payment scenarios, promoting the development of PayFi (Payment Finance).
In the fiercely competitive cryptocurrency exchange industry, Bitget has emerged as one of the fastest-growing centralized exchanges (CEX). This achievement is attributed to Bitget’s team of over 1,600 professionals in more than 60 countries, comprehensive ecosystem covering fiat, spot, leverage, and contract trading, and seamless trading experience facilitated by cutting-edge technology. Bitget further enhances user trust through a $600 million protection fund and monthly updated proof of reserves reports. Moreover, Bitget actively pursues a compliance strategy and has obtained licenses in multiple jurisdictions, solidifying its leading position globally.
Gracy Chen, CEO of Bitget, stated, “Centralized exchanges are a core force driving the widespread adoption of cryptocurrencies, and Bitget’s mission is to lead the next wave of innovation. We have decided to burn BGB tokens worth 5 billion US dollars, which aligns with our plan to establish BGB as a powerful value transmission medium. Going forward, we will expand the utility of BGB on-chain, integrate it into more DApps, and bring it to the public, making BGB a part of daily life and bringing PayFi into every day.”
In 2024, BGB has shown impressive performance, with its market value growing over 1000% in the past year and multiplying by hundreds since its issuance. The release of this new whitepaper signifies an important milestone for Bitget. By reducing the supply, enhancing the applications, and expanding real-world use cases, BGB will further enhance the functionality and value within the Bitget ecosystem, bringing sustained growth and long-term value to its holders.
About Bitget:
Established in 2018, Bitget is a leading cryptocurrency exchange platform and Web 3 company. Currently serving over 100 countries and regions worldwide, Bitget provides trading solutions for over 45 million users through leading copy trading services and other solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain cryptocurrency wallet offering a range of Web3 solutions and interactive features, including wallet, swap, NFT marketplace, DApp browser, etc. Bitget encourages individuals to embrace cryptocurrencies through partnerships with trusted partners, including official cryptocurrency partnerships with top professional football league La Liga in East Asia, Southeast Asia, and Latin America, as well as partnerships with Olympic athletes such as wrestling world champion Buse Tosun Çavuşoğlu, boxing gold medalist Samet Gümüş, and volleyball national team member İlkin Aydın.