Bitget Unveils Over $5 Billion Worth of BGB Token Burn
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BitjetLeading Cryptocurrency Exchange and Web3 Company Releases New white paper Its native token is Bitget Token (BGB).
The update introduces an unprecedented move to burn 800 million BGB tokens (worth over $5 billion based on current market prices), along with plans to expand the token’s use. This move demonstrates Bitget’s commitment to implementing the BGB deflationary supply model and accelerating its effectiveness.
New white paper introduces ambitious Token burning The plan is to first permanently destroy 800 million BGBs (40% of the total supply), reducing the circulating supply to 1.2 billion. Starting in 2025, Bitget will initiate quarterly burns by allocating 20% of Bitget Exchange and Bitget profits walletincluding spot revenue, futuresas well as NFT transactions, repurchasing and destroying BGB. All destruction activities will be recorded on-chain, ensuring transparency and accountability to the community.
Bitget recently announced Bitget Token (BGB) and Bitget Wallet Token (BWB) merge. After this merger, BGB will serve as the unified token for Bitget’s centralized and decentralized ecosystems. Currently, BGB offers various benefits to its holders, including fee discounts, VIP privileges, and token mining through Launchpool. Going forward, Bitget plans to expand the utility of BGB in the on-chain ecosystem, positioning it as a core asset for staking, liquidity provision, and short-term investment eligibility. Additionally, BGB will be Bit wallet services, such as multi-chain gas bill payment, while extending its use cases to daily PayFi scenarios.
In the competitive landscape of cryptocurrency exchanges, Bitget has become the fastest growing centralized exchange (CEX) in recent years. This achievement has been achieved by a team of 1,600 professionals from over 60 countries, a comprehensive ecosystem covering fiat, spot, margin and futures trading, and cutting-edge technology that ensures a seamless trading experience. Bitget further enhances user confidence with advanced technology Safety Measures, including a $600 million conservation fund and monthly updated certification of reserves reports. Its proactive compliance strategy and licenses in multiple jurisdictions have solidified its position as a leading global CEX.
“CEX is the backbone of cryptocurrency’s evolution towards mass adoption. Bitget says its mission to drive the next wave of innovation will unfold in the coming year Gracy Chen, CEO of Bitget. “Our decision to burn $5 billion worth of BGB is in line with our plan to build it into a powerful medium for trading value. Our next phase will be to expand BGB’s on-chain utility, integrate it into more Dapps and bring it to to the masses, making BGB accessible to everyone and making PayFi a part of everyday life,” she added.
BGB has performed well in 2024, with its market value increasing by more than 1,000% in the past year and more than 100 times since its inception. This impressive growth is driven by the token’s proven track record of strong use cases and the success of Bitget’s innovative ecosystem.
The release of the updated BGB white paper marks an important moment in Bitget’s journey. By reducing supply, enhancing utility, and expanding real-world applications, BGB will surely enhance more features and products in the Bitget ecosystem, driving sustainable growth and long-term value for holders.
To learn more about the new BGB white paper, visit here association.
About Bitget
Founded in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 companies. Serving more than 45 million users in more than 150 countries and regions, Bitget is committed to helping users trade smarter through its groundbreaking copy trading functionality and other trading solutions while providing real-time access bitcoin price, Ethereum priceas well as other cryptocurrency prices. Formerly known as BitKeep, Bit wallet It is a world-class multi-chain crypto wallet Provides a comprehensive range of Web3 solutions and functions, including wallet functions, token exchange, NFT marketDApp browser, etc.
Bitget is at the forefront of driving cryptocurrency adoption through strategic partnerships, such as being the official cryptocurrency partner of the world’s top soccer leagues, LaLigain the Eastern, Southeast Asian and Latin American markets, and also a global partner of Türkiye’s national athletes Tosun Çavuşoglu bus (Wrestling World Champion), Samet Gumus (boxing gold medalist) and Junior Aiden (volleyball national team), inspiring the global community to embrace the future of cryptocurrency.
For more information, please visit: website | twitter | telegraph | LinkedIn | Disharmonious | Bit wallet
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