Bitget Wallet Set to Launch Native Token BWB After $30M Investment
Summary:
Bitget Wallet is set to launch its own native token, BWB, following an investment of $30 million. The total supply of BWB is capped at 1 billion, with 5% dedicated to existing users. The token will enable user participation in community governance and access to ecosystem airdrops. Following the announcement, a surge in demand led to a temporary service disruption. Bitget Wallet currently supports about 40 blockchains, boasts of 19 million users, and plans to further enhance its user experience through strategic partnerships.
Bitget Wallet, formerly BitKeep, is set to debut its own native token following a $30 million investment at a $300 million valuation received from the eponymous exchange in the previous year. As revealed in the airdrop strategy disclosed on March 18, the maximum supply of the BWB token has been determined to be 1 billion, with 5% reserved for users possessing digital assets in Bitget Wallet or for those participating in in-app swap transactions. The airdrop will commence with a six-week initial points reward cycle, which can be translated to BWB tokens during the second quarter after its initial exchange proposal. Furthermore, users who accumulated rewards from the BitKeep wallet prior to its rebranding last year can now switch them for BWB tokens in the second quarter at a 6:10 ratio. Alvin Kan, COO of Bitget Wallet stated, "Our vision for BWB is to act as a conduit to special perks for its holders, including facilitating community governance, providing entrance to ecosystem airdrops and sharing in the benefits." Shortly after this revelation, the wallet's servers faced an unexpected malfunction, preventing users from claiming their BWB. The developers are working rigorously to fix the issue and have reassured that it will be rectified soon. Currently, Bitget Wallet is one of the top wallets in the Asia-Pacific region, boasting a user base of over 19 million, and its in-app swap feature is compatible with about 40 blockchains. Bitget Wallet is following in the path of Trust Wallet, which similarly introduced its native token after being bought over by cryptocurrency exchange Binance in 2018. TWT token, established in 2020, has since offered returns of 19,599% with a diluted market cap of $1.3 billion and has a user count exceeding 80 million. BitKeep altered its identity to Bitget Wallet in August 2023, after the latter exchange acquired a controlling stake. The wallet's former COO, Moka Han, revealed partnerships with Banxa, Simplex, Alchemy Pay, MoonPay, and FaTPay to facilitate users purchasing cryptocurrencies within the wallet using credit cards, Google Pay, and Apple Pay.
Related: Bitget embeds DeFi aggregator into its cryptocurrency exchange application.
Published At
3/18/2024 8:25:00 PM
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