Bitget Token (BGB) has gained another significant boost as the cryptocurrency exchange behind it, Bitget, merged two native tokens into one. As a result, the value of BGB surpassed $8.35 per token, an all-time high, before experiencing some price corrections.
Merger of BGB and BWB
As announced yesterday, the exchange merged Bitget Token (BGB) and Bitget Wallet Token (BWB), retaining only one token, BGB, for its exchange and wallet platform. The exchange stated that this decision was driven by strong community demand.
The Bitget Token was already performing strongly, reaching record values daily. The token gained more than 138 per cent in the last seven days, with monthly and yearly gains of 436 per cent and nearly 1,361 per cent, respectively.
Combining the two tokens has further increased demand for BGB. The latest rally also pushed BGB's market capitalisation to nearly $11 billion, making it the 19th largest cryptocurrency.
The exchange explained the process of combining the two tokens. BWB tokens will be converted into BGB at a 0.08563 ratio, calculated using a 7-day average closing price of the BWB/USDT pair on Bitget. After the swap, all BWB tokens will be burned, and users will receive BGB in their accounts as an airdrop.
“By merging BGB and BWB, we are taking a major step toward building a unified and robust ecosystem that bridges on-chain and off-chain applications,” said Gracy Chen, CEO of Bitget. “This move will enhance the utility of BGB and ensure that every holder benefits from the growth of the Bitget ecosystem.”
Bitget is one of the leading cryptocurrency exchanges, offering spot and derivatives trading. According to the exchange, its wallet platform has over 60 million users globally. Combined, the exchange and wallet platforms have over 100 million users.
“As the crypto market matures, only the most resilient assets with strong ecosystems and real-world utility can thrive through cycles,” Chen added. “BGB, ranked among the top 30 tokens, has established itself as a leading utility token with exceptional liquidity and a strong community. This merger will enhance BGB’s role within Bitget’s ecosystem and create new opportunities for exploring the decentralised world.”
$BGB hits yet another ATH! ???? pic.twitter.com/efJmsqMT9g
— Bitget Africa (@BitgetAfrica) December 27, 2024
Entered El Salvador
Bitget recently secured a Bitcoin Service Provider (BSP) licence from the Central Reserve Bank of El Salvador. This licence allows the exchange to offer fiat-to-Bitcoin exchanges, payment solutions, and custody services in the country.
The exchange is also awaiting approval for a digital asset service provider licence from El Salvador’s National Commission of Digital Assets. This licence would allow Bitget to offer other cryptocurrencies alongside Bitcoin.
Operating from its headquarters in Seychelles, Bitget is expanding its presence in the European Union. It holds licences in Poland and Lithuania as a virtual asset service provider and is considering establishing a European base to comply with MiCA regulations.
In addition, Bitget resumed operations in the United Kingdom last month after temporarily halting services in May to ensure compliance with local regulations.
This article was written by Arnab Shome at www.financemagnates.com.
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