Bitget’s wallet and BGB integration aims to bolster ecosystem growth, driving immediate price increases for both tokens.
Renowned cryptocurrency exchange Bitget is integrating its wallet with its native cryptocurrency Bitget Token BGB $4.37 24h volatility: 0.3% Market cap: $5.11 B Vol. 24h: $52.42 M . As per the official press release, the integration aims to solidify the ecosystem’s growth by enhancing BGB’s utility both on-chain and in real-world applications. This move follows BGB’s rapid market expansion, marked by a surge in its market value and a growing base of token holders.
The merger between BWB and BGB is a critical part of this integration. Bitget has set an exchange rate of 0.08563 based on a seven-day average closing price calculation from December 19 to December 25. This means that the users can convert 100 BWB tokens into 8.563 BGB tokens. Moreover, the exchange states that no additional BGB tokens will be issued, ensuring that the crypto’s total supply remains unaffected.
The announcement had an immediate impact on the market, with both BGB and Bitget Wallet Token (BWB) recording sharp gains on Thursday. BWB’s value jumped by over 34%, trading around $0.56, while its 24-hour trading volume spiked by 320% to $28.4 million. Meanwhile, BGB saw a 20% rise, trading at $6.82, with a market cap of $9.54 billion.
Strengthening On-Chain and Real-World Utility
Bitget has outlined ambitious plans for BGB’s integration. The token will play a crucial role in on-chain functions, including multi-chain gas fee payments and staking in mainstream DeFi protocols. The wallet integration will also deepen BGB’s involvement with popular public chains, thereby expanding its on-chain trading capabilities.
Looking ahead, Bitget plans to extend BGB’s utility beyond the blockchain. Starting in 2025, the token will enter offline PayFi scenarios, enabling users to pay for real-world transactions such as shopping, dining, and even gas.
It is important to notice the timing of the token merger and wallet integration plans. Last week, Bitget announced a strategic partnership with Swiss-based Fiat24 to enhance BGB adoption and set a global standard for the token with deep liquidity.
BGB currently sits at the 19th position in the list of the largest cryptocurrencies by market cap. The token has recorded massive gains this bull run, rising 1000% in the past year. During this period, its market cap saw a ten-fold increase, as per the data by CoinMarketCap.
Bitget has cemented its reputation as a leading platform for high-quality crypto projects. Ranked sixth globally by total trading volume, the platform recorded over $5 billion in trading activity within the past 24 hours. Moreover, Bitget Wallet serves over 60 million users across various Layer 1 and Layer 2 ecosystems, becoming the second most downloaded crypto app globally after Binance.
With BGB’s rising prominence and Bitget’s expansive ecosystem, the merger marks a strategic milestone.
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