Bitget Wallet, previously known as BitKeep, is set to introduce its own native token following a substantial $30 million investment from its namesake exchange, which valued the company at $300 million.
The introduction of the BWB token comes with a generous airdrop plan announced on March 18, aiming to distribute 1 billion BWB tokens.
A notable 5% of these tokens are allocated to users who either hold digital assets in Bitget Wallet or engage in swap transactions within the app.
This airdrop initiative includes a six-week points reward system, with points convertible to BWB tokens in the second quarter post its initial exchange offering.
Moreover, users who benefited from rewards in the BitKeep wallet prior to its rebranding can exchange these for BWB at a 6:10 ratio in Q2.
Alvin Kan, Bitget Wallet’s Chief Operating Officer, emphasized the value BWB brings to its holders, stating, “It’s important to us that BWB serves as a key to unlocking exclusive benefits for its holders, offering them a voice in community governance, access to ecosystem airdrops, and a dividend in the rewards.”
“Following the token announcement, the wallet experienced a temporary service disruption due to an overload, preventing some users from claiming their BWB tokens.
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The company reassured users that the issue was being addressed promptly and would be resolved soon.
Bitget Wallet has achieved significant popularity in the Asia-Pacific region, boasting over 19 million users. It supports in-wallet swap functionality for approximately 40 blockchains, positioning itself as a leader in the space.
This strategic move mirrors Trust Wallet’s post-acquisition launch of its native token by Binance in 2018, which has seen remarkable growth, offering a significant return on investment.
In a strategic shift in August 2023, BitKeep underwent a rebranding to Bitget Wallet following a major acquisition deal.
The wallet expanded its services by partnering with several payment platforms, including Banxa, Simplex, Alchemy Pay, MoonPay, and FaTPay, enhancing user accessibility to cryptocurrency purchases via credit cards, Google Pay, and Apple Pay.
This development underscores Bitget Wallet’s commitment to providing comprehensive services and benefits to its users, reinforcing its position within the digital wallet landscape.
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