Bitget Wallet will launch a native token 1 year after raising $30M

Cross-chain wallet BitCap, now known as BitGate Wallet, is launching its own native token after securing a $30 million investment from the exchange last year at a $300 million valuation.

According to the weather plan released on March 18, BWB's total supply is set at 1 billion, with 5% going to users holding digital assets in Bitget Wallet or using in-app exchange transactions. The airdrop features an initial six-week points reward system, which can be converted into BWB tokens in the second quarter after the initial exchange offering. Additionally, users who received rewards from BitKeep Wallet last year can convert them to BWB at a ratio of 6:10 in Q2.

“It's important to us that BWB serves as a key to unlocking exclusive benefits for owners, voting for community management, access to the ecosystem, and distribution of rewards,” said Bitgate Wallet COO Alvin Khan. Shortly after the announcement, the wallet's servers experienced service overload, with users reporting that they were unable to claim BWB. Since then, the developers explained that “our team is working hard to fix it and the issue will be resolved soon.”

Currently, the wallet is one of the most popular in the Asia-Pacific region with over 19 million users, and the exchange function in the wallet supports 40 blockchains. The move follows in the footsteps of Trust Wallet, which launched its own native token after being acquired by crypto exchange Binance in 2018. Since its launch in 2020, the TWT token has returned 19,599% with a market capitalization of $1.3 billion. The wallet is said to have more than 80 million users.

In August 2023, BitKeep changed to Bitget Wallet following the acquisition of a controlling stake in the latter exchange. According to COO Moka Han at the time, the wallet confirmed partnerships with Banxa, Simplex, Alchemy Pay, MoonPay and FaTPay to allow users to purchase cryptocurrencies in the wallet via credit cards, Google Pay and Apple Pay.

Heard what happened with @Slerfsol? Accidentally burned the LP and tokens saved for the weather!

But since then their token has been skyrocketing, is this the birth of a new #memecoin? Buy some now with #BitgetWallet! pic.twitter.com/8k4IWf6h5M

— Bitget Wallet (@BitgetWallet) March 18, 2024

Related: Bitget integrates DeFi aggregator into crypto exchange app