- Bitget Wallet is launching its own native token BWB after receiving a $30M investment from crypto exchange Bitget
- BWB total supply is 1 billion; 5% allocated to existing Bitget Wallet users who can earn via rewards system and convert old rewards
- BWB aims to incentivize Bitget Wallet’s 10M+ users; follows model of Trust Wallet’s TWT token after Binance acquisition
Bitget Wallet, formerly known as BitKeep, is gearing up to launch its own native token called BWB. This comes after the wallet received a $30 million controlling-stake investment from crypto exchange Bitget in March 2022. The wallet was subsequently rebranded from BitKeep to Bitget Wallet.
Details on the BWB Token Launch
The total supply of BWB is set at 1 billion tokens. 5% of the supply will be allocated to Bitget Wallet users who hold assets or use in-app swaps.
An initial six-week points reward system will allow users to earn BWB. The tokens can then be claimed during the token’s initial exchange offering in Q2.
Users who earned rewards on BitKeep before the rebrand can also convert those to BWB at a ratio of 1:0.6 in Q2.
The BWB token will unlock exclusive benefits like governance rights, airdrop access, and dividends from platform rewards.
Bitget Wallet’s Growth
Bitget Wallet is currently one of the most popular wallets in Asia-Pacific, with over 10 million users.
The wallet offers in-app swaps across 40+ blockchains. This follows the model of Trust Wallet, which also launched a native token after being acquired by Binance.
In August 2022, BitKeep rebranded to Bitget Wallet after the acquisition. At the time, Bitget Wallet enabled fiat onramps through partnerships with payment providers.
Conclusion
The launch of BWB aims to incentivize and reward Bitget Wallet’s growing user base. It remains to be seen if the token can replicate the success of Trust Wallet’s TWT, which has gained over 19,000% since its launch. Either way, the move highlights Bitget Wallet’s ambitions in the crowded crypto wallet space.
