Bitget, a major centralized cryptocurrency exchange, has announced the completion of a merger between its two ecosystem tokens, Bitget Token (BGB) and Bitget Wallet Token (BWB).
Following this merger, BGB will serve as the sole ecosystem token for both the Bitget platform and Bitget Wallet, a move driven by community feedback and strategic integration efforts.
The decision comes as Bitget continues its growth trajectory, reporting substantial increases in trading volume and user adoption. In 2024, the BGB token saw a remarkable 1000% price increase, supported by the platform’s expanding utility and a growing user base.
Details of the Token Merger
The merger establishes BGB as the unified token across Bitget’s centralized exchange and its Web3 wallet, streamlining the ecosystem and consolidating token functionality.
According to the official announcement, the exchange rate for the swap of BWB to BGB has been calculated based on a 7-day average closing price between December 19 and December 25, 2024. The rate is set at 0.08563 BWB per 1 BGB.
For example, a user holding 100,000 BWB tokens would receive 8,563 BGB tokens based on this exchange rate.
This merger reflects Bitget’s strategy to further integrate on-chain and off-chain applications under a unified ecosystem.
BGB will now power features such as staking, lending, and on-chain trading services. The token will also be integrated into multi-chain gas fee payments and other functionalities within the Bitget Wallet platform.
Bitget’s Market Presence
Bitget ranks among the top three global cryptocurrency exchanges by trading volume, offering services such as spot, margin, and futures trading.
Bitget Wallet, a leading Web3 wallet with over 60 million users, plays a critical role in the company’s ecosystem by supporting decentralized finance (DeFi) operations on Layer-1 and Layer-2 networks.
Together, Bitget and Bitget Wallet claim a combined user base exceeding 100 million.
With this merger, BGB aims to further its role within the broader blockchain landscape. Bitget plans to integrate the token into top public blockchains and DeFi ecosystems, with additional applications in offline payments, such as dining and travel, starting in 2025.
Competitive Outlook
Bitget has emphasized the importance of establishing strong, utility-focused tokens in an increasingly saturated market. According to the company, BGB’s growing market capitalization, ranking among the top 30 cryptocurrencies globally, and its liquidity position the token as a robust asset with long-term potential.
The merger is viewed as a step toward enhancing the scalability and functionality of the Bitget ecosystem while offering additional value to its community.
