Outside Source
- Bitget has outlined a new token buyback plan in its just released whitepaper.
- The exchange will burn 40% of its native token BGB.
- Future burns include 20% of exchange profits – which will be used to buy BGB off the market.
Bitget has announced plans to burn 800 million BGB tokens valued at $6.8 billion.
The exchange in its newly released whitepaper, indicates an initial token burn of 40% of its total supply. Per the details, this will be about 800 million BGB, with completion seeing the exchanges’ native token’s circulating supply drop to 1.2 billion.
Quaterly burn and BGB buyback
From early 2025, the whitepaper release indicates that Bitget will introduce quarterly burns for BGB tokens.
It will also initiate quarterly burns of 20% profits from Bitget exchange operations and Bitget crypto wallet. The funds raised through the operations will be used to buy back and burn BGB.
#Bitget introduces a buyback and burn plan to further enhance #BGB value for HODLers with deflationary supply.
🔥 Initial Burn: with 800M tokens, worth $5B+, 40% total supply.
💰 Quarterly Burns: 20% of exchange & wallet profits.Learn more: https://t.co/HcrZJUmYLf
— Bitget (@bitgetglobal) December 27, 2024
Recently on Dec. 26, Bitget announced a merger between Bitget Token (BGB) and Bitget Wallet Token (BWB). Following the merger, the duo will serve as a unified token. BGB becomes the new unified token for both Bitget’s centralized and decentralized ecosystem.
Key benefits
Some of the benefits BGB offers to its holders include VIP privileges, fee discount and access to token farming via Launchpool.
Bitget assured its clients that the Bitget Token and Bitget Wallet Token merger will not affect BGB token supply, with the exchange rate ranging between 11.6 BWB to BGB. Amid the news, BGB’s price rallied a notable 22% to lead top altcoin gainers in the past 24 hours.
This article first appeared at CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison
