Bitget Announces BGB Token Burn Plan Valued at Over $5 Billion! New White Paper Officially Released

The leading global cryptocurrency exchange, Bitget, in collaboration with the Web3 company, has released a new white paper for its native token, Bitget Token (BGB). The plan includes the destruction of 800 million BGB tokens, valued at over $5 billion based on current market prices, and aims to expand the token’s application scenarios. This move demonstrates Bitget’s firm commitment to the deflationary model of BGB, accelerating the development of its ecosystem.

The new white paper outlines a token burn plan, with an immediate and permanent destruction of 800 million BGB tokens, accounting for 40% of the total supply, reducing the circulating supply to 1.2 billion tokens. Starting in 2025, Bitget will implement a quarterly burn mechanism, using 20% of the profits from the Bitget exchange and Bitget Wallet (including spot, contract, and NFT trading income) to repurchase and burn BGB. All burn activities will be recorded on-chain to ensure transparency and accountability to the community.

Previously, Bitget announced the merger of Bitget Token (BGB) and Bitget Wallet Token (BWB). The merged BGB will become a unified token for both centralized and decentralized ecosystems within Bitget. Currently, BGB holders can enjoy multiple benefits, including fee discounts, VIP privileges, and participation in token mining through Launchpool. In the future, Bitget plans to further expand the application of BGB within the on-chain ecosystem, making it a core asset for staking, liquidity provision, and airdrop eligibility. Furthermore, BGB will drive Bitget Wallet services, such as multi-chain gas fee payments, and extend to everyday payment scenarios, promoting the development of PayFi (payment finance).

In the fiercely competitive arena of cryptocurrency exchanges, Bitget has emerged as the fastest-growing centralized exchange (CEX) in recent years. This achievement is attributed to Bitget’s team of 1,600 professionals across more than 60 countries and its comprehensive ecosystem covering fiat, spot, leverage, and contract trading, providing a seamless trading experience through cutting-edge technology. Bitget has also enhanced user trust with a $600 million protection fund and monthly updated reserve proof reports. Additionally, Bitget actively promotes compliance strategies and has obtained licenses in multiple jurisdictions, further solidifying its leading global position.

Bitget CEO Gracy Chen stated:
“In 2024, BGB has performed exceptionally well, with its market capitalization growing over 1000% in the past year and increasing a hundredfold since its issuance. This remarkable achievement stems from the strong application scenarios of BGB and the successful practices of Bitget’s innovative ecosystem.”

The release of this new white paper signifies an important milestone for Bitget. By reducing supply, enhancing applications, and expanding real-world use cases, BGB will further enhance the functionality and products within the Bitget ecosystem, bringing continuous growth and long-term value to holders.

About Bitget
Founded in 2018, Bitget is a world-leading cryptocurrency trading platform and Web 3 company. Currently, Bitget serves over 100 countries and regions globally, helping more than 45 million users achieve intelligent trading through various trading solutions, including leading copy trading services. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain cryptocurrency wallet, offering a range of Web3 solutions and interactive features, integrating wallet, Swap, NFT marketplace, DApp browser, and more. Bitget encourages individuals to embrace cryptocurrency through partnerships with trusted entities, including being the official cryptocurrency partner of La Liga, the top professional football league, in East Asia, Southeast Asia, and Latin America, as well as partnerships with Olympic athletes such as wrestling world champion Buse Tosun Çavuşoğlu, boxing gold medalist Samet Gümüş, and members of the national volleyball team, including İlkin Aydın.

This article is provided by official sources and does not represent the views or investment advice of this site. Readers are advised to conduct their own careful assessment.