Bitget, one of the fastest-growing cryptocurrency exchanges, has announced an exciting new plan for its native token, Bitget Token (BGB). The BGB token pumped 20% in 24 hours after the announcement of its new whitepaper which would burn $5 billion token to reduce the supply of BGB.
Reducing the supply of BGB will increase its value and utility across the crypto ecosystem. In its new whitepaper, Bitget revealed it will burn 800 million BGB tokens, which accounts for 40% of the total supply. This will permanently decrease the circulating supply to 1.2 billion tokens. The token burn will begin immediately, with plans for quarterly burns starting in 2025.
These quarterly burns will be funded by 20% of profits generated from Bitget’s Exchange and Bitget Wallet, including earnings from trading, futures, and NFTs. To ensure full transparency, all burns will be recorded on the blockchain.
Along with the burn plan, Bitget also announced a merger between Bitget Token (BGB) and Bitget Wallet Token (BWB), making BGB the single token for both Bitget’s centralized and decentralized platforms. This means BGB holders will continue to enjoy perks like fee discounts, VIP privileges, and token farming, but it will also have expanded uses in the future.
BGB will be integrated into various on-chain services, including staking, liquidity provision, and paying multi-chain gas fees. Bitget also plans to make BGB a key part of everyday payments in the growing PayFi sector.
“CEXs are the backbone of crypto’s growth towards mass adoption,” said Gracy Chen, CEO of Bitget. “Our decision to burn $5 billion worth of BGB aligns with our plans of making it a powerful medium of transacting value.”
Bitget has experienced impressive growth in 2024, with BGB’s market capitalization soaring over 1000% this year alone. This surge is a testament to the token’s strong use cases and the success of Bitget’s platform, which offers a wide range of services including fiat, spot, margin, and futures trading.
Also Read: Bitget Token (BGB) Pumps 325% in a month, Reaches ATH of $6
