Bitget is set to merge the Bitget Wallet Token (BWB) into Bitget Token (BGB), unifying the pair into a single ecosystem token for both the centralized cryptocurrency exchange and decentralized Bitget Wallet.
The unified BGB is slated to integrate with Bitget Wallet and power features such as Fair Launchpool and multi-chain gas fee payments "across most on-chain scenarios," according to a press release. The company also says it will be integrated into public chains and major ecosystems in decentralized finance, "enabling on-chain trading services while gradually becoming a core staking asset for mainstream lending and staking protocols."
The combined user base of Bitget and Bitget Wallet exceeds 100 million, Bitget claims.
The company also plans to expand BGB into offline PayFi applications, which would allow payments for activities like dining, travel, and shopping.
The merger will not affect the total supply of BGB, the company clarified, and the exchange rate will be about 11.68 BWB to BGB. BWB-related services will be discontinued on the Bitget platform as of 4:00 PM in China (UTC+8) tomorrow, Dec. 27.
BGB is currently the 23rd-ranked cryptocurrency by market capitalization according to The Block's Price pages, and is the only large-cap token experiencing significant gains on a day of widespread declines. BGB is up nearly 25% in the past twenty-four hours, as of the time of this writing. It is up over 50% over the past week.
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