Leading global 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, accelerating the development of its ecosystem.
The new white paper outlines the token destruction plan, with an 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 launch a quarterly destruction mechanism, using 20% of the profits from Bitget Exchange and Bitget Wallet (including revenue from spot, contract, and NFT transactions) to repurchase and destroy BGB. All destruction activities will be recorded on-chain to ensure transparency and accountability to the community.
Previously, Bitget had announced the merger of Bitget Token (BGB) with Bitget Wallet Token (BWB), with the merged BGB becoming a unified token for both centralized and decentralized ecosystems within Bitget. Currently, BGB holders can enjoy multiple benefits such as fee discounts, VIP privileges, and participation in token mining through Launchpool. In the future, Bitget plans to further expand BGB’s application 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 fiercely competitive field of cryptocurrency exchanges, Bitget has stood out in recent years, becoming the fastest-growing centralized exchange (CEX). This achievement is attributed to Bitget’s team of 1,600 professionals across over 60 countries, its comprehensive ecosystem covering fiat, spot, leveraged, and contract trading, and its seamless trading experience enabled by cutting-edge technology. Bitget has also enhanced user trust through a $600 million protection fund and monthly updated reserve proof reports. Moreover, Bitget is actively advancing its compliance strategy and has obtained licenses in multiple jurisdictions, further consolidating its leading global position.
Bitget CEO Gracy Chen stated:
“In 2024, BGB has performed excellently, with a market capitalization growth of over 1000% in the past year, and a hundred-fold increase since its issuance. This impressive achievement stems from the robust application scenarios of BGB and the successful practices of Bitget’s innovative ecosystem.”
The release of the new white paper symbolizes an important milestone for Bitget. By reducing supply, enhancing applications, and expanding real-world use cases, BGB will further enhance the functionality and products within the Bitget ecosystem, providing holders with sustained growth and long-term value.
About Bitget
Established in 2018, Bitget is a leading cryptocurrency trading platform and Web3 company. Currently, Bitget serves over 100 countries and regions worldwide, helping more than 45 million users achieve “smart” trading through various trading solutions, including its leading copy trading service. Bitget Wallet, formerly known as BitKeep, is a world-class multi-chain crypto 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 East Asia, Southeast Asia, and Latin America, as well as Olympic athlete partners, such as wrestling world champion Buse Tosun Çavuşoğlu, boxing gold medalist Samet Gümüş, and national volleyball team member İlkin Aydın.
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