Bitget Wallet, previously known as BitKeep, has announced the launch of its native token, BWB, following a significant $30 million investment from the namesake exchange, Bitget, valuing the company at $300 million. This strategic move aims to expand the wallet’s ecosystem and engage more actively with its users. The airdrop plan, unveiled on March 18, outlines a total BWB supply of 1 billion tokens, with 5% allocated to users who hold digital assets in Bitget Wallet or engage in in-app swap transactions.
The launch strategy includes an innovative six-week points reward system, set to precede the token’s initial exchange offering (IEO) in the second quarter. This system will allow users to convert their accumulated points into BWB tokens, fostering early engagement and investment in the wallet’s burgeoning ecosystem. Furthermore, individuals who received rewards from BitKeep before its rebranding will have the opportunity to convert these into BWB at a favorable 6:10 ratio in Q2, enhancing value for the wallet’s longstanding supporters.
Alvin Kan, the Chief Operating Officer of Bitget Wallet, emphasized the token’s role in community engagement, governance, and reward distribution. BWB holders are promised exclusive benefits, including a say in community governance, access to ecosystem airdrops, and a share in dividend rewards. However, the announcement was met with overwhelming user interest, leading to a temporary service overload as users rushed to claim their BWB tokens. Bitget Wallet has assured its community that the technical issues are being swiftly addressed.
Bitget Wallet’s move mirrors the successful strategy employed by Trust Wallet, which launched its own token, TWT, following its acquisition by Binance. Since then, TWT has seen an astonishing 19,599% return, illustrating the potential financial benefits of such ventures.
Having rebranded from BitKeep to Bitget Wallet in August 2023 after Bitget’s acquisition, the wallet has solidified its position in the digital wallet space. It now supports around 40 blockchains and boasts over 19 million users, predominantly in the Asia-Pacific region. The wallet has also enhanced its user experience by integrating multiple payment gateways, including credit cards and mobile payment services, through partnerships with leading payment providers, showcasing its commitment to accessibility and innovation in the cryptocurrency wallet market.
