The wallet received a $30 million controlling-stake investment by crypto exchange Bitget in March 2023 and rebranded shortly after.
Cross-chain wallet BitKeep, now known as Bitget Wallet, will be launching its own native token after securing a $30 million investment at a $300 million valuation from the namesake exchange last year.
According to the airdrop plan unveiled on March 18, the total supply of BWB is set at 1 billion, with a 5% allocation to users holding digital assets within Bitget Wallet or using in-app swap transactions. The airdrop will feature an initial six-week points reward system, which can be converted to BWB tokens in the second quarter following its initial exchange offering. In addition, users who received rewards from BitKeep wallet before its rebranding last year can convert them to BWB in Q2 at a ratio of 6:10.
"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," said Alvin Kan, COO of Bitget Wallet. Shortly after the announcement, the wallet's servers experienced a service overload, with users reporting they couldn't claim their BWB. Developers have since clarified that "our team is working hard to repair it and the issue will be resolved soon."
