Breaking News
Bitget Completes First-Ever Burn of 800 Million BGB Tokens, Reducing Supply by 40%
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.
People In This Post
Companies In This Post
- Bajaj Life Insurance Launches ‘Bajaj Life Opportunities Fund’, Capturing the Growth Opportunities Read more
- Incore Invest Completes the Acquisition of CoreOrchestration and Establishes PaymentIQ as a Standalone Company Read more
- Sverica Capital Management Announces the Promotions of Michael Dougherty to Partner, Doug Patrican to Principal and Welcomes Matt Johnson Read more
- J. Safra Sarasin Group Completes the Acquisition of Majority Stake in Saxo Bank Read more
- CeFPro Advisory Board Appoints Escode GRC Solutions Lead Wayne Scott as Third-party Scrutiny Intensifies Read more
Onramper Expands Global Payments Coverage with Integration to Kraken Via Payward Ramp
Onramper, the world’s leading fiat-to-crypto onramp aggregator, and Kraken, one of the world’s longest-standing, most liquid and secure cryptocurrency platforms, today announced the successful integration of Payward Ramp by Kraken into Onramper’s industry-leading aggregation platform.
Bitget Wallet Expands Into AI Agent Capabilities With Skill Beta
Bitget Wallet, the everyday finance app, has launched a beta AI agent suite designed to connect large language models and automation tools directly to blockchain data and trading infrastructure. The release centers on Bitget Wallet Skill, which enables AI agents to retrieve onchain market data using natural language. The move reflects growing interest in agent-driven finance, where AI systems act as analytical and operational interfaces for digital asset markets.
Following Record $113M Revenue Year, Travala Launches Global Car Rentals with Crypto
Travala, the world’s leading crypto-native travel booking service, today announced the launch of its global car rentals vertical, expanding its ecosystem to cover the full travel journey from flights and stays to ground transport within one platform.
FCA Selects 4 Firms to Test Stablecoin Innovation in Its Regulatory Sandbox
The FCA has chosen 4 companies to test how their stablecoin services work with proposed regulation
The Hashgraph Group announces the launch of TrackTrace for Compliance with EU’s Digital Product Passport (DPP) Regulation
The Hashgraph Group (THG), the Swiss-based Web3 and AI technology engineering company operating within the Hedera ecosystem, has today announced the launch of TrackTrace, deployed as a fully managed enterprise-grade solution that transforms and enhances global supply chain transparency through real-time tracking of products from origin, ethical sourcing, and carbon emissions data.
Crypto.com Receives Conditional Approval from OCC for National Trust Bank Charter
Crypto.com announced that it has received conditional approval from the OCC to charter Crypto.com National Trust Bank
SettleMint Supports Proptechs to Conduct First Tokenised Real Estate Transactions in Saudi Arabia
SettleMint, the global digital asset lifecycle and tokenization leader, has announced its continued support of Saudi Arabia’s property tokenization and real estate transformation journey working with key stakeholders including four participating PropTechs, Sahl, Madek, Ghanem and Jozo who have integrated their solutions with Yakeen and Sadad in KSA.
Bajaj Life Insurance Launches ‘Bajaj Life Opportunities Fund’, Capturing the Growth Opportunities
Bajaj Life Insurance, one of India’s leading private life insurers, today announced the launch of its New Fund Offer (NFO), the Bajaj Life Opportunities Fund (SFIN: ULIF011406/02/26BLOPNLC250116, Risk profile: Very High, Benchmark: Nifty Large Midcap 250). The fund is designed to provide investors with a strategic edge by combining the steady compounding potential of large-cap stocks with the higher growth potential of mid-cap companies. Available under Bajaj Life’s unit-linked insurance plans, the fund enables policyholders to pursue their long-term financial goals while benefiting from the dual advantage of life cover and professionally managed equity exposure.
Incore Invest Completes the Acquisition of CoreOrchestration and Establishes PaymentIQ as a Standalone Company
Private equity firm Incore Invest has completed the acquisition of CoreOrchestration AB from Worldline. Upon closing, the previously announced carve-out has now been finalised and PaymentIQ has been established as an independent standalone company under Incore Invest’s ownership. The purchase price amounts to approximately SEK 1.75 billion.
Sverica Capital Management Announces the Promotions of Michael Dougherty to Partner, Doug Patrican to Principal and Welcomes Matt Johnson
Sverica Capital Management, a leading growth-oriented private equity firm focused on the lower middle market, announced today the promotions of Michael Dougherty to Partner, Doug Patrican to Principal, and the hiring of Matt Johnson as a Principal.
J. Safra Sarasin Group Completes the Acquisition of Majority Stake in Saxo Bank
Safra Sarasin Group, a global leader in private banking and wealth management, has completed its acquisition of the majority stake in Saxo Bank, a prominent international FinTech bank serving investors, traders, and institutional partners. This transaction marks a significant milestone for both companies, enabling enhanced global potential and strategic growth.
CeFPro Advisory Board Appoints Escode GRC Solutions Lead Wayne Scott as Third-party Scrutiny Intensifies
CeFPro has appointed Escode’s Wayne Scott to its Advisory Board, as regulators step up scrutiny of operational resilience and third party risk across financial services.
Vantage Capital Leads R635m Investment Into SolarAfrica Energy
Vantage Capital (www.VantageCapital.co.za), Africa’s largest mezzanine debt fund manager, announced that it has made a R635m investment into Commercial Energy South Africa (“CESA”), a subsidiary of SolarAfrica Energy (“SolarAfrica”), a leading South African energy solutions provider, alongside co-investor, Greenpoint Capital. CESA holds commercial & industrial (“C&I”) solar and battery energy assets developed by SolarAfrica.
Payment Spayce and Sagicor Bank: Propelling Clients Forward with Faster Payments
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]