Bitget Wallet, formerly known as BitKeep, is set to launch its own native token, BWB, following a $30 million investment from the eponymous exchange last year. The token will have a total supply of 1 billion, with 5% allocated to users holding digital assets within Bitget Wallet or using in-app swap transactions. The airdrop will feature a six-week points reward system, with the points convertible to BWB tokens in Q2. Users who received rewards from BitKeep wallet before its rebranding can also convert them to BWB at a ratio of 6:10.
Alvin Kan, chief operating officer of Bitget Wallet, emphasized that BWB will offer exclusive benefits to its holders, including a voice in community governance, access to ecosystem airdrops, and dividend rewards. However, the wallet experienced server overload after the announcement, preventing users from claiming their BWB. Bitget Wallet has assured users that the issue will be resolved soon.
Bitget Wallet is currently one of the most popular wallets in the Asia-Pacific region, boasting over 19 million users. Its in-wallet swap functionality supports approximately 40 blockchains. This move follows in the footsteps of Trust Wallet, which launched its own native token after being acquired by crypto exchange Binance in 2018. Trust Wallet’s token, TWT, has seen a significant increase in value since its inception, with a diluted market cap of $1.3 billion and over 80 million users.
In August 2023, BitKeep rebranded to Bitget Wallet after being acquired by the latter exchange. The wallet also secured partnerships with Banxa, Simplex, Alchemy Pay, MoonPay, and FaTPay, enabling users to purchase cryptocurrencies within the wallet using credit cards, Google Pay, and Apple Pay.
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