BGB Updated Whitepaper reveals plan for new utilities and burn mechanism

USA - English

News provided by

Apr 24, 2023, 06:00 ET

VICTORIA, Seychelles, April 24, 2023 /PRNewswire/ -- Bitget, top crypto derivatives and copy trading platform has released an updated whitepaper edition for its native token BGB. The new document outlines the advantages BGB provides as a utility asset within the framework of the Bitget platform and the benefits holders can expect to receive.

The updated BGB token whitepaper reveals the roadmap of the asset's development, outlining the use case scenarios and economics it will be based on. The innovative side of the asset is described in full throughout the document, including a number of utilities under development, which aim to bring more benefits to BGB holders. Among the features in question are the BGB lottery, a trial fund for futures trading, zero withdrawal fee, and exclusive earning services. As part of the token's economic side, a BGB buyback and burn mechanism are also being considered to reduce the token's circulating supply and eventually boost its value.

The latest version of BGB's whitepaper not only presents the exchange's plans to introduce new utilities of the native platform token, but also outlines its future development path. Bitget aims to push further into the copy trading market and integrate both DeFi and CeFi on its platform. This integration will offer users a wider range of financial products and services, providing them with a seamless and more robust trading experience.

BGB is a utility token that plays a vital role in Bitget's ecosystem. With a circulating supply of 1.4 billion BGB coins and a total supply of 2 billion, it provides users with access to exclusive privileges and various rights on the Bitget exchange, including fee discounts, opportunities to join the Launchpad and Launchpool services to access high-quality tokens, vote for project listings, and many others. The launch of the BGB token was driven by the belief that the crypto ecosystem should be simple, secure, and accessible for everyone worldwide.

Gracy Chen, Managing Director of Bitget commented on the update:

"We are thrilled to release the updated BGB token whitepaper, which outlines the plan for the coming utilities and our ambition to enhance this native token as a powerful tool within the Bitget ecosystem. We believe that the crypto ecosystem should be simple, secure, and accessible for everyone worldwide, and we are committed to making this vision a reality through our ongoing efforts to enhance BGB and expand our offerings. Bitget will continue expanding our lineup of products and services, which will integrate with the BGB use cases and innovation, providing our users with access to exclusive privileges and rights. "

BGB has seen impressive performance during the last few months, reaching its all-time high value of $0.51 in this February and achieving up to 500% growth in terms of trading volume. According to Coingecko, it is the 9th largest CEX token in terms of market cap with a 24h volume of 10 million.

About Bitget

Established in 2018, Bitget is the world's leading cryptocurrency exchange with futures trading and copy trading services as its key features. Serving over 8 million users in more than 100 countries and regions, the exchange is committed to helping users trade smarter by providing a secure, one-stop trading solution. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi, the leading Italian football team Juventus, and official eSports events organizer PGL. According to Coingecko, Bitget is currently a top 5 futures trading platform and a top 10 spot trading platform.

For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord

SOURCE Bitget