Bitget Wallet, previously known as BitKeep, has announced the upcoming launch of its native token, BWB, after a $30 million investment from Bitget exchange boosted its valuation to $300 million.
The new token aims to foster community engagement and reward users, featuring a total supply of 1 billion BWB. Of this, 5% is allocated to users holding digital assets in Bitget Wallet or those participating in in-app swap transactions.
The rollout of BWB tokens will begin with a six-week points reward system, allowing users to convert points to BWB in the second quarter following its initial exchange offering (IEO). Additionally, rewards previously earned in the BitKeep wallet can be converted to BWB at a 6:10 ratio in Q2. Alvin Kan, Bitget Wallet’s COO, highlighted the token’s role in granting holders access to community governance, ecosystem airdrops, and dividend rewards.
Bitget Wallet’s strategic enhancements and partnerships
Following the announcement, the wallet experienced a surge in activity, leading to temporary service outages. Bitget Wallet has assured its 19 million-plus user base that the issue will be resolved promptly. The wallet supports approximately 40 blockchains with its in-wallet swap functionality, marking it as a popular choice in the Asia-Pacific region.
The move to launch BWB follows Bitget’s strategy similar to Trust Wallet’s post-acquisition by Binance in 2018, which saw its native token achieve significant returns. In August 2023, BitKeep underwent a rebranding to Bitget Wallet following its acquisition by Bitget exchange. This change also introduced new partnerships with payment processors including Banxa, Simplex, Alchemy Pay, MoonPay, and FaTPay, enabling users to buy cryptocurrencies via credit cards and mobile payments like Google Pay and Apple Pay.
