Bitget Token (BGB) is the native utility token of Bitget, a leading centralized cryptocurrency exchange. Launched in 2018, Bitget provides spot, derivatives, and copy trading services for a wide variety of digital assets.
The exchange launched the BGB token in 2021 to incentivize platform activity, lower fees for users, and enable governance capabilities. For cryptocurrency traders seeking reduced costs and influence over an exchange, BGB offers attractive utility.
Overview of Bitget Exchange
Based in Singapore, Bitget has grown rapidly since starting operations to serve over 2 million users worldwide. The platform offers:
- Margin trading with up to 100x leverage on crypto pairs.
- Futures and perpetual swap trading with up to 125x leverage.
- Spot trading with over 300 cryptocurrency pairs.
- Copy trading to automatically mirror successful traders.
Bitget competes with major exchanges like Binance, OKX, and FTX by providing advanced trading tools for power users. The BGB token aims to further boost Bitget’s community engagement.
BGB Token Utilities
As Bitget’s native crypto asset, BGB provides the following utilities:
- Discount on trading fees when paying fees with BGB.
- Earn yield by staking BGB and receiving a portion of exchange revenues.
- Participate in launchpad token sales through BGB holdings.
- Vote in polls to determine new coin listings on the exchange.
- Priority access to new products and features on Bitget platform.
- BGB burns to reduce supply and boost value of remaining tokens.
These benefits incentivize holding BGB for frequent Bitget traders and loyal community members.
BGB Token Distribution
The BGB total supply is capped at 1 billion tokens. The distribution breakdown includes:
- 15% to Bitget founders, employees, and advisors.
- 10% to investors and institutions.
- 75% to community via trading mining, promotions, and rewards.
The founders’ portion is subject to a 5-year vesting schedule to align long-term interests. No pre-mine occurred so all BGB enters circulation via participation incentives.
Acquiring BGB Tokens
Users can obtain BGB tokens in the following ways:
- Trading fees rebates for spot and derivatives trading.
- Staking other cryptocurrencies like BTC and ETH.
- Participating in promotions, events, contests.
- Launchpad investments in token sales.
- Purchasing BGB on exchanges.
Multiple options exist to fit different interests and levels of activity on the platform.
As crypto exchanges compete through native token models, BGB provides a way for Bitget traders to gain perks and governance influence on the platform. While Bitget is smaller than giants like Binance, its robust trading options and Asian base give it room to capture market share. For active cryptocurrency traders looking for reduced fees and input over platform decisions, BGB presents attractive capabilities. As with exchange tokens generally, Bitget’s success will determine the utility value of BGB.