Bitget Merges Tokens as BGB Reaches All-Time High of $7.79
Bitget announced the integration of its tokens, Bitget Token (BGB) and Bitget Wallet Token (BWB), into a unified token to enhance its exchange and wallet ecosystems. This merger, revealed on December 26, streamlines platform functionalities.
This consolidation has led to BGB reaching an all-time high of $7.79, with a market cap exceeding $10.3 billion. The token experienced a 30% increase in value today and over 350% gains in December, while other cryptocurrencies like BNB rose by 13%, and Bitcoin fell below $95,000 after previously surpassing $100,000.
The unified BGB token will support features such as the Fair Launchpool and gas fee payments. Bitget plans to integrate BGB into public blockchain systems and DeFi platforms, establishing it as a core asset for staking and lending. In 2024, BGB's market cap increased by over 750%, making it the best-performing CEX token of the year.
Gracy Chen, CEO of Bitget, stated that merging the two tokens is crucial for creating a comprehensive ecosystem linking on-chain and off-chain applications. The total supply of BGB remains unchanged, with an exchange rate of 11.68 BWB for 1 BGB. All BWB-related services will cease on December 27 as part of the transition.
Bitget has expanded significantly in 2024, now ranking as the fifth-largest centralized exchange by daily trading volume. Plans for 2025 include entering new markets and establishing an EU hub in Lithuania to comply with MiCA regulations, facilitating efficient expansion into European markets.
Additionally, Bitget seeks regulatory approvals in 15 countries and has obtained licenses in several EU nations. The company is considering entry into the US market if pro-crypto legislation advances under the incoming Trump administration, addressing previous licensing barriers that limited access to this major market.
Challenges persist in Japan, where the Financial Services Agency (FSA) warned Bitget and other platforms for operating without proper registration in November.
Bitget’s growth, highlighted by innovations like the token merger, reinforces its position as a key player in the crypto industry. The unification of BGB and BWB reflects the company's commitment to developing a robust integrated ecosystem.