Cryptocurrency exchange Bitget has announced a significant update for its Bitget Token (BGB), including a comprehensive revamp of its tokenomics. The company disclosed it would burn 800 million BGB tokens held by its core team, effectively reducing the total supply by 40% to 1.2 billion tokens, with all remaining tokens in circulation. This strategic move is outlined in the revised whitepaper for BGB and is part of Bitget’s commitment to bolster the token’s value. Following the announcement, the price of BGB surged by 23% to $8.36, raising its market capitalization to $11.7 billion.
Furthermore, Bitget will conduct ongoing quarterly token repurchases and burns, utilizing 20% of its profits derived from trading fees to buy back and destroy tokens. This initiative will be transparently documented, with Bitget committing to publicize the on-chain records of each burn event.
In another development, Bitget has revealed plans to merge its Bitget Wallet Token with BGB, aiming to establish a unified ecosystem token for both the Bitget exchange and Bitget Wallet. This integration, set to commence in 2025, will extend the token’s utility to off-chain payment scenarios, enabling transactions in sectors such as dining, travel, fuel, and retail. The goal is to provide users a seamless Web3 and consumer service experience.
