Bitget has announced the merger earlier today on the 26th of December of its native token Bitget Token (BGB) with Bitget Wallet Token (BWB). After the merger, as the only ecological token for the Bitget wallet and exchange, the combined BGB token will increase the number of on-chain apps and use cases, improving the ecosystem’s overall functionality and user experience, per the official announcement.
The merger comes against the backdrop of the BGB token seeing a skyrocketing trajectory this year and in the last couple of days. According to CoinMarketCap data, the token has surged 269% in volume in the past 24 hours.
Bitget To Create A Single Ecosystem
Gracy Chen, CEO of Bitget, said in the official announcement, “BGB’s market valuation has risen by more than 1,000%, placing it in the top 20 worldwide.”
He adds, “We will create a single ecosystem that links on-chain and off-chain use cases by combining BGB and BWB, enabling holders to benefit from the Bitget ecosystem’s growth dividends.”
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The official announcement states that BWB holders on the Bitget platform can automatically convert their BWB to BGB. In particular, BWB tokens will be exchanged for BGB at a ratio of 0.08563, which is determined by taking the average closing price of BWB/USDT over the previous seven days.
A corresponding quantity of BGB will be airdropped to user accounts after the token exchange is finished and all BWB tokens will be destroyed. In the meantime, on December 27th, all BWB trading and associated services will end.
BGB Token Sees Surge In Trading Volume
As per CoinMarketCap data, BGB’s 24-hour trading volume surpassed Binance’s BNB for the first time, placing it 1 among worldwide CEX platform tokens. Its market value also rose to the TOP 20, now standing at 9 billion USD.
Bitget’s recent acquisition of an El Salvador license gave the coin a huge boost in the previous trading sessions. In order to provide cryptocurrencies other than Bitcoin, the exchange is also awaiting additional approval for a license to operate as a digital asset service provider from El Salvador’s National Commission of Digital Assets.
The exchange is also expanding its footprint in the European Union and runs its business out of Seychelles. The platform is thinking of setting up a European base to align its activities with MiCA rules, even though it already has licenses in Poland and Lithuania to provide virtual asset services.
All these developments are likely to keep the token and its traders in the optimistic zone in the coming year, likely making it rise further.
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