Crypto exchange Bitget has announced ambitious intentions for its native token, the Bitget Token (BGB). The company will burn 800M BGB tokens worth over $5B, reducing the overall supply by 40% and leaving 1.2B tokens in circulation.
Beginning in 2025, Bitget will implement quarterly burns. They will use 20% of their income from exchange and wallet operations to purchase back and burn BGB. The exchange will also combine BGB with Bitget Wallet Token (BWB), resulting in a single token for centralized and decentralized services.
BGB's utility will increase dramatically. It will power Bitget Wallet services and work with PayFi situations. Holders will receive reduced trading fees, VIP status, and access to Launchpool token farming. Bitget's CEO, Gracy Chen, underlined the role of centralized exchanges in cryptocurrency adoption. She noted that the token burn demonstrates their dedication to establishing BGB as a strong medium of value exchange.
BGB has had significant growth. Its market capitalization surged by more than 1000% in the last year. As of Friday, BGB is trading at $8.36, up 11% in 24 hours.
