Bitget Wallet COO Alvin Kan Explains BWB Token Launch and Navigating the Crypto Bull Run – Exclusive Interview

We recently had the opportunity to chat with Alvin Kan, the COO of Bitget Wallet, a comprehensive web3 wallet launched by major cryptocurrency exchange Bitget. 

He explains the launch of Bitget Wallet’s BWB token and how it complements Bitget’s BGB token. Kan also reveals how Bitget Wallet is positioning itself to successfully navigate the bull run in the crypto and web3 space.

Leading up to the meme coin rally, Bitget Wallet added several now-popular coins, bringing in significant growth. How did you spot these meme gems?

Identifying the next big meme coin is as much about understanding the market as it is about recognizing the power of community engagement. Meme coins have the ability to build one of the strongest and most passionate communities out there in the crypto space.

At Bitget Wallet, we always aim to be the early movers and list potential tokens that demonstrate a high trading volume. We closely monitor token presales and airdrop campaigns, which gives us an outlook on how a meme coin might perform on its debut. We spend a lot of time placing these emerging tokens under strong surveillance, so we are able to bring these coins to our users at the most opportune time. This is how we proactively keep up with the fast-moving meme coin craze.

Bitget Wallet’s got quite a story of good strategic decisions: swap trading, NFTs, early adoption of DEX quotations. How did these define where your platform is now?

When we launched Bitget Wallet, the foundational goal of our project was to provide a comprehensive platform that excels in meeting all the Web3 needs that our users will have throughout their Web3 journey. We understand that Crypto and Web3 can be intimidating and complex, so our efforts naturally gravitated towards providing an all-integrated, easy-to-use, and accessible platform for our users. We also worked hard in not only providing excellent features within our app, but also unbeatable avenues for users to discover new and valuable opportunities on Web3. This ranges from not only uncovering the next top coin or DApp on Bitget Wallet but even providing our users with valuable trading insights like smart money movements to give them an edge in trading. Becoming the largest Web3 wallet in Asia and securing a spot among the top five wallets globally are a testament to this unwavering vision.

What goes into making these decisive moves? Is it intuition, data analysis, or a mix of both?

Data analysis is undoubtedly the backbone of our strategic decisions. We scrutinize market metrics, demand trends, and user barriers to existing services to identify areas for innovation and enhancement of our offerings.

For instance, the significant shift towards multi-chain ecosystems in recent years highlighted an untapped opportunity. Chains like Polygon, Avalanche, Fantom, Tron, and BNB Chain were relatively under the radar in 2021. They have since surged to capture nearly 25% of the Total Value Locked in the DeFi space by 2023. This insight triggered our decision to launch Task2Get, a Web3 exploration incentive platform to reward users and encourage the exploration of the multi-chain ecosystem. With Task2Get, we have built a mutually beneficial environment where projects can benefit from increased on-chain activity, and users can earn rewards just by completing tasks such as trading or interacting with certain DApps. 

Nevertheless, intuition certainly has its place. Our team’s deep industry experience affords us a certain foresight into market evolution and emerging trends. However, such intuition must be anchored in data-driven insights.

Other than the memecoin rally making a buzz here and there, how would you estimate the ongoing Bull Run? Do you think it would last long?

It’s important to understand that we are just at the beginning of a potentially larger bullish cycle. This is because many developments and key events are yet to happen this year. Bitcoin reached a new all-time high last month, which was largely driven by the SEC’s approval of spot Bitcoin ETFs. However, we still have the Bitcoin halving to occur later this month. Historically, the halving has always been associated with a bull run in the months following the event.

There’s also the much-anticipated Ethereum ETF approvals that could happen in the next quarter. We’ve also seen the UK stock market preparing for Bitcoin and Ethereum exchange-traded notes (ETNs), which will provide institutional investors exposure to these leading tokens, just like in the U.S.

At the same time, VC funding in crypto and blockchain startups is surging again after two years. So, there’s still a lot left to happen in the crypto market this year, potentially enhancing crypto adoption and driving larger market engagements.

In the broader Web3 landscape, we’re witnessing remarkable growth in areas like DePIN (Decentralized Physical Infrastructure), Bitcoin Layer 2s, Inscriptions, and much more. I think these are all evidence of an increasingly optimistic and invigorated market, which will, of course, further amplify the positive effects of large upcoming events like the Bitcoin halving and more. 

You’ve launched the BWB token after seven successful years. What sparked the decision to introduce your own just now? Does it have anything to do with the pre-halving bull run?

We launched the BWB token now because it marks a pivotal moment in Bitget Wallet’s journey. As we celebrate the significant milestone of reaching 20 million users and expanding our global footprint, this is the perfect timing to launch BWB. Our platform has matured, and our community has grown robustly, establishing us among the top five wallets worldwide. 

We see it as an opportunity to give back and further engage our loyal community. The BWB token is our way of saying thank you, offering our users benefits and incentives that deepen their involvement in our ecosystem’s growth. Additionally, the token is designed to attract new users and foster even more collaborations, expanding our reach and influence globally.

Where does BWB token fit in your ecosystem? Would it replace BGB, Bitget exchange token? 

The BWB token is designed to be the cornerstone of Bitget Wallet’s decentralized ecosystem, offering holders unique privileges such as participation in community governance, access to ecosystem airdrops, and dividends from our platform’s growth. 

BWB isn’t designed to replace Bitget Token (BGB); rather, both tokens are complementary. Each token anchors its respective ecosystem – BWB for the decentralized side of Bitget Wallet and BGB for the centralized exchange. This duality allows both tokens to thrive concurrently, contributing to the overarching development of the Bitget group and underscoring our belief that the future lies in a cohesive relationship between CEXs and DEXs.

Do you hope for $BWB to repeat $BGB’s success? Why?

Absolutely, our ambitions for the BWB token are sky-high. We’ve witnessed firsthand the successful trajectory of BGB, which demonstrated robust growth and played a crucial role in fostering a vibrant ecosystem around the Bitget exchange. Our goal with BWB is to mirror this success within the decentralized realm of Bitget Wallet, leveraging the lessons learned and momentum gained from BGB’s journey.

The introduction of BWB is more than just launching a new token; it’s about enriching our ecosystem, providing more value to our users, and setting new benchmarks for what a decentralized platform can achieve. It is also an important way for us to give thanks to our loyal users who have been by our side since the beginning, and to underscore our faith that many more exciting developments lie ahead for us. 

Strategic thinking and room for experiments—do you think they’re the recipe for success in the crypto space? Are there any other ingredients?

While strategic thinking and room for experiments are crucial, they need to be significantly based on a user-centric approach and a deep commitment to contributing to the ecosystem’s growth. These elements are what truly differentiates a platform in the fast-paced and ever-evolving crypto space. Another key factor will also be a willingness to try new things and step outside of your comfort zone. For instance, we launched our first-ever meme token, $MOEW, recently, and we did it purely for research and experimental purposes to study more about meme coin culture. Turns out, our token did exceedingly well, turning into a smash-hit phenomenon overnight. I think what this shows, really, is that it does take a degree of courage and boldness as well to step outside of your comfort zone and try new things. That is the core essence of crypto — not just repeating things that have already been done but forging new paths and avenues to redefine the industry.