What Is Bitget and the Bitget Token (BGB)?

What Is Bitget?

Bitget is a leading cryptocurrency exchange and web3 company, offering spot and derivatives trading for over 800 crypto assets. It also offers decentralized products, such as Bitget Wallet and Bitget Swap, where users can easily swap cryptocurrencies through their Bitget Wallet. In late 2024, Bitget merged the Bitget Wallet Token (BWB) with the Bitget Token (BGB), creating a unified token for the Bitget ecosystem.

Key Takeaways

• Bitget is a leading cryptocurrency exchange that serves over 100 million users across 150+ countries and regions, offering spot and derivatives trading for over 800 crypto assets.

• The Bitget Token (BGB) is the native token of Bitget Exchange and Bitget Wallet, offering holders benefits including fee discounts and exclusive access to platform services, such as launchpools and launchpads

• BGB’s buyback and burn program is designed to strengthen the BGB ecosystem, with plans for Bitget to allocate 20% of its quarterly profits from exchange and wallet operations to buy back and burn BGB.

Bitget is a leading cryptocurrency exchange, with over $25 billion worth of crypto assets traded on the platform daily. It has over 100 million users from over 150 countries worldwide, and has formed notable partnerships with soccer superstar Lionel Messi, sports team Juventus, and Spanish football league La Liga. 

In 2024, Bitget’s native token, BGB, enjoyed over 1,000% price growth, reaching an all-time high of $8.45 on December 27 2024. 

Introducing Bitget

Bitget is a leading cryptocurrency exchange founded in 2018, offering spot and derivatives trading for over 800 crypto assets. The exchange is also well known for its copy trading feature, where users can easily replicate the strategies of successful traders by simply choosing a trader and setting up their own parameters, before automatically entering and exiting positions at the same time as the trader they’re copying.

Bitget also offers other services, such as Earn products, where users can put idle tokens to work to earn interest, as well as loans, where users can borrow crypto, and even a launchpool where users can lock designated tokens in the pool to receive airdrops (although this is unavailable in certain excluded markets). 

Beyond centralized crypto services, Bitget also provides a comprehensive suite of decentralized web3 services, beginning with the decentralized Bitget Wallet with over 60 million users. Through the Bitget Wallet, users can swap assets across decentralized exchanges with Bitget Swap, list and buy NFTs, and explore the dApp ecosystem across multiple chains. 

Previously, there was a separate token for Bitget Wallet’s ecosystem and the Bitget onchain layer (Bitget Wallet Token – BWB); however at the end of 2024, Bitget announced that they would be merging BWB with BGB (Bitget Token). Through this merger, BGB will unify the CeFi and DeFi arms of the project and enables it to synergize both products to deliver more services to users. 

What Is Bitget Token (BGB)?

Bitget Token is the native token of the Bitget ecosystem. It was launched on July 26, 2021 with an initial supply of 2 billion tokens. After the merger with the Bitget Wallet Token in December 2024, BGB is now the exclusive platform token for the centralized Bitget Exchange and the decentralized Bitget Wallet ecosystem. 

BGB Utilities

BGB is the utility token of the Bitget ecosystem, powering the core operations of the platform while offering advantages to its holders. 

Access to Launchpad/Launchpool

Users can utilize their BGB in Bitget Launchpad and Launchpool to subscribe to early-stage, high-potential projects. While the exact utility of BGB depends on the project (some allow users to commit and swap BGB for the launchpool token, others simply require users to lock their BGB for an airdrop of newly listed tokens), holding BGB in your asset account is an important first step to accessing these coveted token launches. According to Bitget, the farming APY for some top-performing Bitget Launchpool projects can reach 150% - 250%.

Fee Discounts

Bitget offers significant discounts on trading fees to BGB holders. BGB holders enjoy up to 20% discount when they opt to pay for their spot trading fees with BGB. BGB token is also required to upgrade to higher VIP levels on the platforms, with additional perks reserved for VIP users.

Token Farming

Bitget offers passive income opportunities for BGB token holders through the PoolX program, where BGB holders can lock up their tokens in designated pools and receive token airdrops. Users can also hold BGB to qualify for on-chain airdrops through Bitget Wallet’s Fair Launchpool. 

Gas Token on Bitget Wallet

Following the merger between BGB and BWB, BGB assumes on-chain use cases as well, where BGB is used to pay gas fees for transactions on the Bitget Wallet.

BGB’s Quarterly Buyback and Burn Program

In the fourth quarter of 2024, Bitget introduced the quarterly burn program for the BGB token. The program introduces a deflationary structure for BGB. As specified in the announcement, the program involves regular buyback and burn for the BGB token. The initial burn event included an 800 million BGB token burn, reducing the total supply of BGB to 1.2 billion with all tokens in circulation. According to the team, the 800 million tokens burnt included 19% of tokens held by the core team and another 21% from tokens in circulation and held by the core team.

Moving forward in 2025, Bitget will dedicate 20% of profits generated each quarter to the buyback and burn program. This includes revenue from fees paid on the spot, futures, and margin trading platforms, as well as fees generated from swaps, futures, and NFT trading on the Bitget Wallet. The token burn for each will be completed at the start of the following quarter, with the exact amount of BGB tokens burnt and on-chain records to be published after each burn event.

What’s Next for BGB?

From its initial offering price of just over $0.056 per token, BGB has grown into one of the biggest crypto assets. It is ranked 27th by market cap at the time of writing, based on CoinGecko data, and trades around $6.50 per token. The asset has enjoyed recurring positive price action, mainly thanks to the consistent growth of the Bitget Exchange. After a rewarding 2024, BGB is set for even more growth following the merger. According to plans shared by the Exchange, there are more positive developments in the pipeline for its native token.

Here are some of the prospective use cases of the BGB token;

On-Chain Use Cases

As the native token of Bitget’s DeFi platform, the BGB token will be integrated into the project’s decentralized finance products and beyond. This integration is expected to offer more utility and benefits to BGB holders, with BGB used to pay gas fees on Bitget Wallet and also for on-chain staking and decentralized trading.

Other plans from the team include allowing users to stake BGB on-chain, and also to use BGB as collateral in popular lending protocols. It will also be used as an airdrop criteria, where holding BGB on-chain is a criteria for receiving select project airdrops. 

PayFi Applications

BGB token will also be integrated with Bitget’s PayFi products, Bitget Pay and Bitget Card, and can be used for payments for dining, travel, shopping, and more, with select merchants offering discounts for purchases made with BGB. Holding a specified amount of BGB will also unlock premium Bitget Card benefits, like rebates, reduced fees, and access to luxury lifestyle services.

Additional Platform Benefits

Holding the BGB token will also offer improved benefits for Bitget Exchange users. In addition to the usual discounts on trading fees and VIP-tier rankings, BGB holders who hold specified amounts of BGB will also enjoy higher API limits and other exclusive advantages on the platform. The LTV ratio for BGB will also be improved, allowing holders to obtain a higher loan, relative to their collateral (provided in BGB). 

BGB holders will also receive an increased percentage of allocation for new projects launching through the Bitget launchpad or launchpool, with the BGB pool maintaining a competitive distribution rate. As Bitget’s native token, BGB will also be prioritized in promotional campaigns and rewards, with the goal of driving broader adoption and increasing BGB holders among Bitget Exchange users.

Final Thoughts

The BGB token serves the Bitget ecosystem across its centralized and decentralized arms, offering benefits to holders and bolstering the platform’s economy. Since its launch, Bitget has grown exponentially, as reflected in the price growth of the BGB token, and there are promises of new and improved benefits for token holders.

In the course of this article, we’ve taken a look at the Bitget ecosystem and BGB token. However, note that this article is only meant to educate readers and should not be taken as financial or investment advice. Always do your own research before using any trading platform or investing in cryptocurrencies.