Bitget Merges Tokens as BGB Hits Record High Amid Market Downturn

Bitget recently announced the integration of its two tokens, Bitget Token ( BGB ) and Bitget Wallet Token (BWB), into a unified token, aiming to enhance the synergy between its exchange and wallet ecosystems. The merger, revealed on December 26, represents a significant step towards streamlining its platform’s functionalities. This consolidation has contributed to BGB reaching an all-time high of $7.79, highlighting its growth amid a broader downturn in the cryptocurrency market. The token’s market cap has soared to over $10.3 billion, with a remarkable 30% increase in value today and over 350% gains in December. In contrast, other major cryptocurrencies, like BNB, rose by just 13% this month, and Bitcoin fell below $95,000 after briefly surpassing $100,000 earlier in December. The newly unified BGB token will support various features, including powering the Fair Launchpool and serving as a medium for gas fee payments. Bitget plans to integrate BGB into public blockchain systems and DeFi platforms, positioning it as a core asset for staking and lending . These developments further establish BGB as a leading token in the centralized exchange (CEX) space, with its market cap increasing by over 750% in 2024, making it the best-performing CEX token of the year. According to Gracy Chen, CEO of Bitget, merging the two tokens marks a pivotal step toward creating a comprehensive ecosystem that connects on-chain and off-chain applications. The total supply of BGB will remain unchanged, with an exchange rate of 11.68 BWB for 1 BGB. Bitget will cease all BWB-related services on December 27 as part of the transition. Bitget has made substantial strides in global expansion throughout 2024. Now ranked as the fifth-largest centralized exchange by daily trading volume, the platform has ambitious plans for 2025. These include entering new markets and setting up an EU hub in Lithuania to align with MiCA regulations. This move will facilitate more efficient expansion into European markets . Additionally, Bitget is actively pursuing regulatory approvals in 15 countries and has already obtained licenses in several EU nations. Notably, the company is considering a US market entry if pro-crypto legislation advances under the incoming Trump administration. Licensing barriers previously hindered its access to the world’s largest crypto market. However, challenges remain in markets like Japan. In November, Japan’s Financial Services Agency (FSA) warned Bitget and other platforms, including KuCoin and Bybit, for operating without proper registration. Bitget’s rapid growth, marked by innovations like the token merger, solidifies its position as a key player in the crypto industry. The unification of BGB and BWB signals the company’s commitment to building a robust and integrated ecosystem.