TL;DR
- Bitget launches $10 million ecosystem fund denominated in its native token, BWB.
- The goal is to create an on-chain ecosystem with various integrated DApps.
- BWB, Bitget Wallet’s token, will debut this quarter and will be used for governance, events, and multichain gas fees.
Cryptocurrency exchange Bitget has taken a significant step towards expanding its on-chain ecosystem with the launch of the Bitget Onchain Layer and an ecosystem fund valued at $10 million.
This fund, denominated in Bitget Wallet‘s native token, BWB, is intended to drive the development of the Bitget Onchain Layer and support projects that align with the exchange’s vision.
š§« In just six years, #BitgetWallet has evolved from a simple wallet to a comprehensive #Web3 ecosystem platform. With the upcoming launch of $BWB, we're excited to share our future plans and how we're redefining the Web3 wallet experience:
1ļøā£ Expansion to Bitget Onchain Layer:ā¦ pic.twitter.com/mFMDKkKib2
— Bitget Wallet š©µ (@BitgetWallet) May 15, 2024
This strategy follows the example of other large exchanges such as Binance, OKX and KuCoin, which have created their own on-chain ecosystems with native tokens.
According to a company statement shared on May 15, the Bitget Onchain Layer will not only integrate a series of native decentralized applications (DApps) within the Bitget Wallet through joint collaborations with developers, but will also seek to accelerate its growth through the BWB Ecosystem Fund.
This fund will initially be dedicated to investing in and incubating various Web3 trading services, including pre-market price aggregators, an on-chain derivatives market and trading bots, thus complementing Bitget Wallet‘s interchain exchange service.
Bitget Wallet, already one of the most popular self-custody wallets in the Asia-Pacific region with over 20 million users, will launch its native BWB token this quarter.
5% of the maximum supply of 1 billion tokens has been reserved for community members in a pre-token generation event.
After its launch, BWB will be used to vote on governance issues, participate in Launchpad events, receive staking rewards, and pay multichain gas fees, becoming a critical piece for the operation and expansion of the Bitget Onchain Layer ecosystem.
Innovation and Expansion in the Bitget Crypto Ecosystem
Bitget’s move reflects a concerted effort to facilitate day trading and expand its influence in all aspects of the crypto ecosystem.
Binance, the world’s largest cryptocurrency exchange, launched its BNB blockchain in September 2020, followed by the creation of Trust Wallet and its TWT token, which has reached a fully diluted market capitalization of over $1 billion.
Similarly, the OKX exchange has developed its own self-custody wallet and a Web3 marketplace for trading non-fungible tokens (NFTs) and innovations such as Bitcoin Runes, Ordinals, Atomicals and BRC-20 tokens.
The launch of the Bitget Onchain Layer and ecosystem fund not only seeks to replicate these successes, but also surpass them by offering a robust and collaborative infrastructure for developers and users alike.
With a focus on integrating advanced trading services and an active community supported by incentives through the BWB token, the company is positioning itself to be a key competitor in the global crypto space.
Additionally, Bitget’s strategy of reserving a significant portion of BWB tokens for the community demonstrates its commitment to decentralization and community engagement.
This could encourage greater adoption and usage of the Bitget Wallet , further strengthening its ecosystem.
