Bitget Emulates Binance, KuCoin Approaches: Plans On-Chain Ecosystem & $10M BWB Fund Launch
Summary:
Cryptocurrency exchange Bitget plans to develop its own on-chain ecosystem, mirroring the strategy of platforms like Binance, OKX, and KuCoin. Bitget will incorporate decentralized applications into its wallet and a $10 million BWB Ecosystem Fund will accelerate its Onchain Layer development and support associated projects. Bitget Wallet, home to over 20 million users in the Asia-Pacific region, will soon introduce BWB, its inherent token. After launching, BWB will power Bitget Wallet's ecosystem through governance voting, staking rewards, and multichain gas fee payments.
In an attempt to construct their own on-chain ecosystem, Cryptocurrency exchange Bitget is planning to emulate the strategies of exchanges like Binance, OKX and KuCoin. A recent press release from Bitget revealed that the company plans to incorporate numerous native decentralized applications into the Bitget Wallet, an initiative made possible through collaborative efforts with other developers. In addition, Bitget has dedicated a $10 million BWB Ecosystem Fund to hasten the growth of the Bitget Onchain Layer and assist related ventures.
BWB, the signature token of the Bitget self-custody wallet, is similar to Trust Wallet's token (TWT). The exchange also provides its own inherent token, BGB that can be utilized to reduce trading charges just like Binance’s BNB, KuCoin’s KCS, and OKX’s OKB tokens.
The Bitget OnChain Layer Ecosystem Fund's primary objective will be to invest in and scaffold various Web3 trading services. The exchange has announced three pre-market price aggregators, an on-chain derivatives market, and trading robots to supplement Bitget Wallet's interchain swap service.
Bitget Wallet currently enjoys substantial popularity amongst self-custody wallets in the Asia-Pacific area, boasting over 20 million users. The issuance of its inherent token, BWB, is expected this quarter, with 5% of its maximum 1 billion supply set aside for community members during its pre-generation event. Post launch, BWB is anticipated to fuel the Bitget Wallet and OnChain Layer ecosystem through governance voting, eligibility to join Launchpad activities, staking rewards and covering multichain gas charges
Bitget's move is seen as an attempt to simplify everyday trading and extend their reach across all aspects of the crypto industry. In 2020, Binance, the world's largest crypto exchange, launched its BNB blockchain while Trust Wallet, created by Binance but now an independent entity, also launched its TWT token, which has since achieved a fully diluted market cap exceeding $1 billion. Crypto exchange OKX has similarly developed its self-custody wallet and Web3 marketplace, becoming the primary exchange for trading Bitcoin Runes.
Published At
5/15/2024 1:00:00 PM
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