tl;dr
Bitget, a major cryptocurrency exchange, has announced plans to burn 800 million BGB tokens, reducing the circulating supply by 40%. The burn, valued at over $5 billion, aims to increase the token's utility and create deflationary pressure. Quarterly burns will begin in 2025, using 20% of profits fr...
Bitget, a major cryptocurrency exchange, has announced plans to burn 800 million BGB tokens, reducing the circulating supply by 40%. The burn, valued at over $5 billion, aims to increase the token's utility and create deflationary pressure. Quarterly burns will begin in 2025, using 20% of profits from exchange revenues. Additionally, BGB's utility will expand through merging with Bitget Wallet Token (BWB) and supporting real-world crypto transactions.
Bitget, one of the largest cryptocurrency exchanges, announced a bold plan to burn 800 million BGB tokens, reducing the circulating supply by 40%. This initiative, valued at over $5 billion, aims to increase the token’s utility and create deflationary pressure. The burn is immediate and permanent, with additional quarterly burns starting in 2025. Additionally, Bitget will use 20% of profits from the Bitget Exchange and Bitget Wallet to buy back and burn BGB. These revenues will come from spot, futures, and NFT transactions. All burn activities will be transparent and recorded on-chain.
Along with the burn, BGB’s utility will expand as it merges with Bitget Wallet Token (BWB). BGB will become the unified token for Bitget’s centralized and decentralized platforms, offering staking, liquidity provision, and eligibility for airdrops. The token will also facilitate multi-chain gas fee payments and be used in PayFi for real-world crypto transactions. Notably, Bitget has seen substantial growth in 2024, with BGB’s market cap increasing by over 1,000% and a 100-fold growth since its launch. In the last 24 hours alone, BGB has soared by 15%, trading at $8.42. Over the last 30 days, BGB’s price has expanded more than fourfold. This surge highlights the growing demand for the token and Bitget’s expanding ecosystem. With the incoming burn, BGB’s price may rise even higher.
Bitget’s success comes from its strong ecosystem, advanced technological infrastructure, and commitment to security and compliance. The exchange offers services such as fiat and crypto trading, margin trading, and futures trading, along with decentralized products like Bitget Wallet. In addition to its technological and operational advantages, Bitget’s robust security measures and strong compliance efforts ensure a safe and trustworthy environment for its users. The platform utilizes cold/hot wallet separation, multi-signature functionality, and a comprehensive security infrastructure with partners like Akamai and Certik. Additionally, Bitget has earned regulatory licenses in key markets, such as Australia, Italy, and Poland, which enhances its reputation and ensures compliance with global standards. Meanwhile, Bitget further bolsters confidence with advanced security features, including a $600M Protection Fund and a monthly updated Proof-of-Reserve report.