VICTORIA, Seychelles, Dec. 30, 2024 (GLOBE NEWSWIRE) -- Bitget, the leading cryptocurrency exchange and Web3 company has successfully completed the initial burn of its native Bitget Token (BGB), reducing the total supply by 40%. This strategic move involved burning 800 million BGB tokens, effectively decreasing the total supply from 2 billion to 1.2 billion tokens. The burn process was executed by transferring the tokens to a designated burn address, ensuring their permanent removal from circulation.
The distribution of the burned tokens was as follows: 19% originated from holdings by the core team, while the remaining 21% comprised tokens from both circulating supply and additional core team reserves. This action reflects Bitget's strategic approach to enhancing the value and scarcity of BGB, aligning with industry practices aimed at benefiting token holders.
Looking ahead, Bitget has outlined a quarterly BGB burn mechanism set to commence in 2025. Under this plan, 20% of quarterly profits from exchange and wallet operations will be allocated to repurchase and burn BGB tokens. The profits considered for this mechanism encompass transaction fees from spot, futures, and margin trading on the Bitget exchange, as well as income from swaps, futures, and NFT trading on Bitget Wallet.
“This initial burn, with a substantial contribution from the core team’s holdings, is an example of our belief in attaining success with the interests of our community. With the reduction in supply; BGB signifies the foundation of a stronger and more resilient ecosystem that benefits all stakeholders,” said Gracy Chen, CEO at Bitget.
The buyback and burn process will occur quarterly, typically finalized at the beginning of the subsequent quarter. Following each buyback, the acquired BGB tokens will be destroyed by sending them to a burn address. Bitget commits to transparency by publishing the exact amount burned and providing on-chain records after each burn event.
This initiative shows Bitget's dedication to enhancing the utility and value of BGB within its ecosystem. By systematically reducing the token supply, Bitget aims to create a more robust and sustainable environment for its users and stakeholders.
For more detailed information, refer to the official announcement here.
About Bitget
Established in 2018, Bitget is the world's leading cryptocurrency exchange and Web3 company. Serving over 45 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.
Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World's Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.
For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet
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A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2aa73421-fda6-4fef-8c0d-dc0022cf0887
