Bitget Announces Launch of BGBTC, Wrapped Bitcoin Token Backed by 1:1 BTC Reserves

/EIN News/ -- VICTORIA, Seychelles, Dec. 11, 2024 (GLOBE NEWSWIRE) -- Bitget, the world's leading cryptocurrency exchange and Web3 company has launched its native Wrapped Bitcoin (BGBTC), providing earning opportunities for Bitcoin (BTC) holders. The newly launched feature provides a new route to maximize the potential of users’ BTC holdings through flexible staking options, and increased rewards. BGBTC is backed by BTC on a 1:1 basis, maintaining its value parity and ensuring seamless integration into the broader ecosystem. It is designed to activate additional value for BTC holders, enabling them to participate in DeFi opportunities while preserving their Bitcoin exposure.

During the pre-launch phase from December 9, 2024, to January 8, 2025, users can stake BTC on Bitget to receive BGBTC tokens. This is complemented with double BGPoints rewards alongside an additional 2% annualized return, paid out in a lump sum at the end of the period. Following this, Season 1 will officially kick off on January 9, 2025, with features like enhanced BGPoints benefits, flexible redemption options, and partnerships with BitcoinFi platforms.

"The rapid growth of the crypto industry worldwide, particularly in the Bitcoin ecosystem, inspires us to innovate continuously. BGBTC aligns with our goals of providing better solutions for our users, making their trading experiences smarter. It allows them to engage more deeply with Bitcoin, access higher yields, and participate in DeFi ecosystems previously out of reach,” said Gracy Chen, CEO at Bitget.

BGBTC simplifies the process of earning additional returns for BTC holders. By staking BTC, users receive BGBTC tokens, which grant access to multiple revenue streams, including fixed annualized returns, BGPoints, and upcoming features like lending. Users can easily redeem their BTC during Season 1, ensuring maximum flexibility in managing their assets.

Bitget is focused on ensuring a secure and rewarding experience for its users. BGBTC offers an easy one-click staking mechanism with multiple avenues for returns, including token airdrops through collaborations with DeFi partners. Security is fortified by dual insurance from Bitget and Cobo, along with multi-signature protections, ensuring that all funds remain safe.

With features such as LaunchPool, PoolX, early BGPoints settlements, and staking-based lending on the horizon, BGBTC marks a new chapter in Bitget's mission to drive crypto adoption through innovation.

For more information on BGBTC, please visit 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

For media inquiries, please contact: media@bitget.com

Risk Warning: Digital asset prices may fluctuate and experience price volatility. Only invest what you can afford to lose. The value of your investment may be impacted and it is possible that you may not achieve your financial goals or be able to recover your principal investment. You should always seek independent financial advice and consider your own financial experience and financial standing. Past performance is not a reliable measure of future performance. Bitget shall not be liable for any losses you may incur. Nothing here shall be construed as financial advice.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d6d586c3-b020-4aa6-b3fd-0d1afc799acf