in brief
- Bitget Wallet, previously known as BitKeep, reveals the introduction of its native token, BWB, subsequent to securing a $30 million investment from Bitget exchange.
- The native token, BWB, will have a total supply of 1 billion tokens, with a 5% allocation reserved for existing users.
- Rewards earned can be converted to BWB during Q2 following the Initial Exchange Offering (IEO) phase.
- With the rebranding, Bitget Wallet aims to enrich its services through partnerships, facilitating easier cryptocurrency purchases.
- Plans are underway to swiftly address recent service overloads, ensuring seamless user experiences.
Bitget Wallet, formerly recognized as BitKeep, has revealed plans for the imminent introduction of its proprietary token, BWB, following a $30 million funding injection from Bitget exchange, propelling its valuation to $300 million.
With a total supply of 1 billion BWB, the new token is designed to cultivate community involvement and incentivize users. Of this allocation, 5% is earmarked for users who retain digital assets within Bitget Wallet or engage in in-app swap transactions.
Did yall hear what happened with @Slerfsol? They accidentally burnt the LP and tokens that were put aside for their #airdrop!
But their token has been skyrocketing since then, is this the birth of a new #memecoin? Buy some NOW at #BitgetWallet! pic.twitter.com/8k4IWf6h5M
— Bitget Wallet 🩵 (@BitgetWallet) March 18, 2024
The introduction of BWB tokens will kick off with an extensive six-week points reward mechanism, offering users the opportunity to exchange their accumulated points for BWB tokens during the second quarter subsequent to its initial exchange offering (IEO). Furthermore, users will have the chance to convert rewards previously acquired within the BitKeep wallet into BWB tokens at a favorable exchange rate of 6:10 during Q2. Alvin Kan, the Chief Operating Officer of Bitget Wallet, emphasized the multifaceted role of the token, underscoring its significance in providing holders with access to community governance mechanisms, ecosystem airdrop initiatives, and dividend rewards.
The strategic improvements and collaborative ventures of Bitget Wallet
After the announcement, Bitget Wallet witnessed a substantial uptick in user activity, resulting in temporary disruptions in service. However, Bitget Wallet has reassured its expansive user base, numbering over 19 million, that swift resolution of the issue is underway. Renowned for its support of approximately 40 blockchains and boasting in-wallet swap functionality, Bitget Wallet has solidified its status as a preferred option in the Asia-Pacific region.
The decision to introduce BWB aligns with Bitget’s strategic vision, reminiscent of Trust Wallet’s trajectory post-acquisition by Binance in 2018, which culminated in remarkable returns for its native token. Notably, in August 2023, BitKeep underwent a rebranding to Bitget Wallet following its acquisition by Bitget exchange. This transformative rebranding initiative also ushered in a wave of new partnerships with esteemed payment processors, including Banxa, Simplex, Alchemy Pay, MoonPay, and FaTPay. These collaborations empower users with seamless access to cryptocurrency purchases via credit cards and popular mobile payment platforms such as Google Pay and Apple Pay.
