Bitget Wallet Launches Native Token to Reward Users
Bitget Wallet, a popular crypto wallet with over 19 million users in Asia, is venturing into the world of native tokens. This move follows a $30 million investment from crypto exchange Bitget in March 2023, which valued the wallet at $300 million. Here is an insight into the details of the new Bitget Wallet token (BWB) and what it means for users.
Key Details about Bitget Wallet and BWB Token
| Feature | Detail |
| Previous Name | BitKeep |
| Current Name | Bitget Wallet |
| Total Users | Over 19 million |
| Supported Blockchains | Over 40 |
| Supported Cryptocurrencies | Over 250,000 |
| BWB Token Total Supply | 1 billion |
| BWB Allocation for User Rewards | 5% |
| Ways to Earn BWB | Holding digital assets, swap transactions (points system) |
| Benefits of Holding BWB | Community governance, airdrop participation, potential reward |
Introducing BWB- A Token for User Rewards and Engagement
BWB has a total supply of 1 billion tokens, with 5% dedicated to rewarding users who hold digital assets within the wallet or participate in swap transactions. Here are some pertinent details:
Earning BWB
Bitget Wallet is implementing a six-week points reward system. Users can accumulate points through activities like holding crypto in their wallets and swapping tokens. These points can then be converted to BWB tokens in the second quarter of 2024, following the token’s initial exchange offering (IEO).
Benefits for BWB Holders
According to Alvin Kin, Bitget Wallet’s COO, BWB aims to be more than just a token. It will act as a key to different exclusive benefits for holders, including:
- Community governance- BWB holders will have a voice in shaping the future of the Bitget Wallet ecosystem through voting mechanisms.
- Airdrop participation- Holders might gain access to exclusive airdrops within the Bitget Wallet ecosystem.
- Reward sharing- BWB holders could receive a share of the rewards generated by the growth of the Bitget Wallet platform.
Bitget Wallet’s User-Centric Approach
The launch of BWB reflects Bitget Wallet’s commitment to its user base. By offering rewards and a sense of ownership through the token, the wallet can contribute to the formation of a more engaged community. This strategy mirrors the success of Trust Wallet, which launched its TWT token after being acquired by Binance in 2018. TWT has seen significant growth since its launch, highlighting the potential benefits of native tokens for both users and the platform.
A Look Back- Bitget Wallet’s Journey
Before its acquisition by Bitget Exchange in August 2023, the wallet operated under the name BitKeep. Following the acquisition, it rebranded to Bitget Wallet. This period also saw the introduction of partnerships with various payment processors, such as Banxa, Simplex, Alchemy Pay, MoonPay, and FaTPay. These partnerships allow users to conveniently purchase cryptocurrencies directly within the wallet using credit cards or mobile payment options like Google Pay and Apple Pay.
The Bitget Wallet community was excited to hear about BWB’s announcement. However, the rise in activity also led to temporary service outages. The Bitget Wallet team promptly addressed the issue and assured users of a swift resolution.
The Road Ahead- How BWB Could Impact the Crypto Wallet Landscape
The launch of BWB is a significant step for Bitget Wallet. It positions the platform as a competitor not only in the crypto wallet space but also within the growing ecosystem of native token-based rewards structures. While the long-term impact remains to be seen, BWB’s arrival is the source of user-centric innovation in the crypto wallet market.
