Centralized crypto change Bitget will merge its two tokens, Bitget Token (BGB) and Bitget Pockets Token (BWB). The corporate introduced the merger on December 26.
This transfer creates a single token for each the Bitget change and the Bitget Pockets.
Bitget Token Continues to Hit New All-Time Highs
In accordance with the announcement, the brand new BGB token will energy options just like the Truthful Launchpool and gasoline payment funds. Bitget additionally plans to combine the token into public blockchains and DeFi ecosystems. They intention to make BGB a core asset for lending and staking.
This information pushed Bitget Token (BGB) to an all-time excessive of $7.79. The token’s market cap now exceeds $10.3 billion. BGB rallied 30% as we speak and gained over 350% in December alone.
This contrasts with the broader crypto market, which skilled notable liquidations. For comparability, BNB, the most important exchange-based token, solely grew by 13% this month. Bitcoin additionally dropped under $95,000, regardless of hitting its $100,000 milestone in early December.
“BGB has skilled an unbelievable yr, with its market cap rising by over 750%, making it the best-performing CEX token in 2024. By merging BGB and BWB, we’re taking a significant step towards constructing a unified and strong ecosystem that bridges on-chain and off-chain purposes, Gracy Chen, CEO of Bitget informed BeInCrypto.
In the meantime, the merger won’t change the full provide of BGB. The change charge for the merger is 11.68 BWB to 1 BGB. Bitget will cease BWB-related providers on December 27.
General, Bitget has achieved large development all through 2024. In accordance with CoinGecko knowledge, it’s now the fifth-largest centralized change by day by day buying and selling quantity.
After a profitable ultimate yr, Bitget plans to enter a number of new markets in 2025. As BeinCrypto reported earlier, the change is contemplating establishing its EU hub in Lithuania.
This could assist it adjust to MiCA rules and pursue simpler expansions within the Europen markets. Bitget can be engaged on regulatory approval in 15 nations. It already holds licenses in a number of EU nations.
Most notably, Bitget could enter the US market if pro-crypto reforms cross below the upcoming Trump administration. Licensing points beforehand prevented Bitget from increasing into the most important crypto market.
Nonetheless, regulatory challenges exist, notably in Japan. Earlier in November, Japan’s FSA warned Bitget and different exchanges like KuCoin and Bybit for working with out correct registration.
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