Bitget Merges Wallet and Platform Tokens for Growth

• Bitget combines BWB and BGB coins to create a simplified environment.
• Following the announcement, the BGB token price increased by 25%, reaching $6.98.

The prominent cryptocurrency exchange Bitget recently announced plans to integrate the Bitget Wallet Token (BWB) and the Bitget Token (BGB), creating a unified environment for all of its customers.Motivated by community suggestions, this strategic move unifies both tokens under the BGB banner while also enriching their functionality within the blockchain and DeFi spheres.

The BGB token will be part of the Bitget ecosystem, which will be utilized by exchange and wallet applications without hassle after the merger. The company is going to increase the utility of BGB through the release of services involving lending, staking, and on-chain trading across multiple blockchains.

This firm saw its shares rally more than 25% after the announcement of $6.98. Meanwhile, the market capitalization reached $9.77 billion with a trading volume of an astonishing 182% by yesterday’s close at $1.35 billion. Indeed, it defies a broader market downtrend while reflecting investor confidence in the potential for the merger.

BGB Token Price Soars After the Announcement

The strengths of this merger would be in the synergy between the prominent figure Bitget within the Web3 sector and the BGB token at 19th position on CoinMarketCap. In essence, the aim for Bitget will be to improve the user experience and elevate BGB to be one of the top assets within DeFi, hence encouraging further innovation and increased adoption in decentralized finance.

Gracy Chen, the Chief Executive Officer of Bitget, highlighted the extraordinary success of BGB, which saw an impressive 750% growth in market capitalization in 2024. “The BGB-BWB merger is a crucial step toward unifying our ecosystem and expanding BGB’s value.This integration benefits every token holder and enhances our presence in both DeFi and real-world applications,” Chen declared.

Following the merger, BGB will become an essential tool for using DApps, staking within lending protocols, and enabling services such as Fair Launchpool and multi-chain gas payments via Bitget Wallet. In addition, real-world use cases are in development, which includes Web3 PayFi services for dining, traveling, and shopping.

The transition process includes automatic exchange operations for holders of BWB, with the conversion ratio determined as 0.08563 BGB per BWB. After the exchange operation, the system will burn all BWB tokens, and holders will receive an equivalent amount of BGB for the BWB they exchanged. The platform will close all BWB-related trades and services on December 27.

With this in mind, it’s evident that the crypto space is moving towards the most resilient tokens within the best ecosystems. Such a merger makes BGB a utility token leader but opens greater adoption and avenues in decentralized finance and even more.