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Bitget Crypto Derivatives Exchange Enhances Utility of its Native BGB Token

Mon, 04/24/2023 - 11:13
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Vladislav Sopov
Bitget (BGB) releases updated whitepaper, advances utility of its native token
Bitget Crypto Derivatives Exchange Enhances Utility of its Native BGB Token
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Bitget, a major crypto derivative and copy trading exchange, sees its BGB token in the top rankings of CoinGecko service. Bitget has recently announced an update to its white paper with an injection of fresh features and perks for BGB token holders.

Bitget (BGB) releases new whitepaper: What changes for BGB holders?

The updated section of Bitget’s white paper is largely devoted to the native BGB token and its many new use cases. Among the most interesting introductions in the latest edition is the mention of several new use cases that will be incorporated into the token, making it an essential element of the rapidly expanding Bitget ecosystem.

The most interesting features that Bitget promises to introduce are the BGB lottery – a perk holders of the asset and exchange users can expect to leverage for a mix of fun and profits. Another feature is the trial fund that will be used for facilitating futures trading. However, the most noticeable changes entail the introduction of a burn mechanism for deflationary purposes, and the inclusion of several promising passive earning services.

Bitget (BGB) in Q2, 2023: What is achieved so far?

The BGB token has been playing a role of consistently growing importance within the Bitget ecosystem of products, which has been expanding with new services that have either been developed from scratch or incorporated into the exchange after acquisition. Holders of the BGB token can currently expect to use the asset to access interesting projects listed on the native Launchpad and Launchpool platforms, as well as vote on listings of new and promising coins.

Other benefits the BGB token offers include zero trading fees and access to a variety of functions for which the token acts as an essential keycard. Traders are known to value the BGB token, considering its growing trading volume and price, which has been peaking since February of 2023, when it hit the $0.51 per token mark and soared over 500% in trading volume growth.

The Bitget ecosystem has been on the path of aggressive expansion well beyond the crypto derivatives trading arena, as testified by the recently announced new ‘Go Beyond Derivatives’ strategy. The exchange is moving towards full Web3 integration with the acquisition of the BitKeep Wallet and its rebranding into Bitget Wallet, a move that added more than 9 million new users to the exchange’s audience. In addition to product development, Bitget has also been on the path of corporate social responsibility initiatives, which include partnerships with sports clubs like Juventus.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (, Monoreto, Attic Lab etc.)