Global leading cryptocurrency exchange and Web3 company Bitget has released a new white paper for its native token Bitget Token (BGB), announcing the destruction of 800 million BGB tokens, valued at over $5 billion based on current market prices, and plans to expand the token’s application scenarios. This move demonstrates Bitget’s firm commitment to the deflationary model of BGB and accelerates the development of its ecosystem.
The new white paper outlines a token burn plan, with the immediate and permanent destruction of 800 million BGB, accounting for 40% of the total supply, reducing the circulating supply to 1.2 billion. Starting in 2025, Bitget will implement a quarterly burn mechanism, using 20% of the profits from Bitget exchange and Bitget Wallet (including spot, contract, and NFT trading revenues) to repurchase and destroy BGB. All burning activities will be recorded on-chain to ensure transparency and accountability to the community.
Previously, Bitget announced the merger of Bitget Token (BGB) with Bitget Wallet Token (BWB). The merged BGB will become a unified token for both the centralized and decentralized ecosystems of Bitget. Currently, BGB holders can enjoy multiple benefits, including transaction fee discounts, VIP privileges, and participation in token mining through Launchpool. In the future, Bitget plans to further expand BGB’s applications in the on-chain ecosystem, 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 highly competitive field of cryptocurrency exchanges, Bitget has emerged in recent years as the fastest-growing centralized exchange (CEX). This achievement is attributed to Bitget’s team of 1,600 professionals across over 60 countries and its comprehensive ecosystem covering fiat, spot, leverage, and contract trading, providing a seamless trading experience through cutting-edge technology. Bitget has also enhanced user trust through a $600 million protection fund and monthly updated proof of reserves reports. Furthermore, Bitget actively promotes compliance strategies and has obtained licenses in multiple jurisdictions, further solidifying its global leading position.
Bitget CEO Gracy Chen stated:
“In 2024, BGB has performed exceptionally well, with a market capitalization growth of over 1000% in the past year and a hundredfold increase since its issuance. This remarkable achievement stems from BGB’s strong application scenarios and the successful practice of Bitget’s innovative ecosystem.”
The release of this new white paper symbolizes an important milestone for Bitget. By reducing supply, enhancing applications, and expanding real-world usage scenarios, BGB will further enhance the functionality and products within the Bitget ecosystem, providing holders with sustained growth and long-term value.
About Bitget
Founded in 2018, Bitget is a world-leading cryptocurrency trading platform and Web3 company. Currently, Bitget serves over 100 countries and regions globally, helping more than 45 million users achieve trading intelligence through leading copy trading services and various trading solutions. Bitget Wallet, formerly known as BitKeep, is a world-class multi-chain cryptocurrency wallet that offers a range of Web3 solutions and interactive features, integrating wallet, Swap, NFT marketplace, DApp browser, and more. Bitget encourages individuals to embrace cryptocurrency through partnerships with trusted collaborators, including being the official cryptocurrency partner of La Liga, the top professional football league in the world, 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 national volleyball team member İlkin Aydın.
This article is provided by the official source and does not represent the position or investment advice of this platform. Readers are advised to conduct their own careful evaluations.
