Bitget has announced the combination of its two tokens to improve interaction between platform components. This move is expected to strengthen Bitget's market position.
Token Merger and Its Significance
On December 26, Bitget announced the merger of Bitget Token (BGB) and Bitget Wallet Token (BWB) into a single asset. This measure aims to strengthen the connection between the exchange and wallet systems, marking a significant step forward in platform capabilities.
Growth and Achievements of BGB
At the time of the announcement, BGB reached a record high of $7.79, despite the overall downturn in the crypto market. The token's market cap rose to over $10.3 billion, showing a 30% increase on the day of the announcement and more than 350% gains in December. However, other major cryptocurrencies like BNB and Bitcoin showed smaller changes.
Bitget's Future Plans
The new BGB token will serve various purposes, including supporting the Fair Launchpool and being used for gas fee payments. Bitget plans to integrate BGB into public blockchain systems and DeFi platforms, making it a key asset for staking and lending. The company also intends to expand its presence in new markets and establish a European hub in Lithuania by 2025.
The merger of BGB and BWB tokens signifies Bitget's strategic platform development, strengthening its position in the cryptocurrency market and expanding potential applications in decentralized finance.
