Bitget, a major centralized cryptocurrency exchange, has announced the completion of a merger between its tokens, Bitget Token (BGB) and Bitget Wallet Token (BWB).
Details of the Token Merger
The merger establishes BGB as the unified token across Bitget's centralized exchange and its Web3 wallet. According to the official announcement, the exchange rate for the swap of BWB to BGB has been calculated based on a 7-day average closing price between December 19 and December 25, 2024. This strategy aligns with Bitget’s goal to integrate on-chain and off-chain applications within a unified ecosystem.
Bitget's Market Presence
Bitget ranks among the top three global cryptocurrency exchanges by trading volume, offering spot, margin, and futures trading services. Bitget Wallet, a leading Web3 wallet with over 60 million users, supports decentralized finance (DeFi) operations on Layer-1 and Layer-2 networks. Together, Bitget and Bitget Wallet boast a combined user base exceeding 100 million.
Competitive Outlook
Bitget emphasizes establishing robust, utility-focused tokens in an increasingly saturated market. BGB aims to further integrate into top public blockchains and DeFi ecosystems, with additional applications in offline payments such as dining and travel, starting in 2025.
The merger of BGB and BWB tokens demonstrates Bitget's strategy to enhance its products' scalability and functionality, cementing its leadership position in the industry.
