Bitget Wallet Unveils Native Token After $30M Investment Boost

Last updated Mar 20, 2024 17

Bitget Wallet, formerly BitKeep, gears up to introduce its native token, BWB, following a substantial $30 million investment from Bitget Exchange. The news marks a significant milestone as the platform aims to empower users with exclusive benefits and governance rights. However, server overload issues upon the announcement raise concerns among users.

Bitget Wallet, previously known as BitKeep, is set to launch its native token, BWB, after securing a substantial $30 million investment from Bitget Exchange last year. The upcoming token launch signifies a pivotal moment for the platform, poised to provide users with unique benefits and governance privileges.

The BWB token will have a total supply of 1 billion, with 5% allocated to users holding digital assets within Bitget Wallet or engaging in in-app swap transactions. A detailed airdrop plan unveiled on March 18 outlines a six-week points reward system, with the conversion of points to BWB tokens scheduled for the second quarter following the initial exchange offering.

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Alvin Kan, the Chief Operating Officer of Bitget Wallet, emphasized the importance of BWB in unlocking exclusive benefits for holders, including community governance participation, ecosystem airdrops, and dividend rewards. However, the announcement was met with server overload issues, hindering users from claiming their BWB rewards. Bitget Wallet assured users that efforts are underway to address the technical glitch promptly.

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Bitget Wallet boasts a substantial user base of over 19 million in the Asia-Pacific region and supports in-wallet swaps for approximately 40 blockchains. The move to introduce its native token follows a similar path taken by Trust Wallet, which launched the TWT token post-acquisition by Binance in 2018, witnessing remarkable growth with over 80 million users and a significant market cap surge.

The rebranding of BitKeep to Bitget Wallet in August 2023, following its acquisition by Bitget Exchange, aimed to enhance user experience by enabling seamless cryptocurrency purchases via partnerships with leading payment providers.

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