Bitget to burn 40% of total supply of BGB and introduce quarterly burns
Quick Take
- Crypto exchange Bitget is burning 800 million of the exchange’s native BGB tokens.
- The exchange will also introduce quarterly burns based on exchange profits.
Crypto exchange Bitget released plans to burn 40% of the supply of its native token, some 800 million BGB tokens, worth $6.8 billion.
The exchange will also introduce quarterly burns of the BGB token, allocating 20% of profits from its exchange operations and its separate crypto wallet for this purpose, according to a press release. The funds will be used to buy back and burn tokens, starting 2025. This is a common strategy that was first employed by Binance and later followed by other crypto exchanges.
On Dec. 26, Bitget said it was going to merge Bitget Wallet Token (BWB) into Bitget Token, unifying the pair into a single ecosystem token for both the centralized cryptocurrency exchange and its wallet. 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.
The exchange has also released an updated whitepaper for the BGB token.
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