Bitget Crypto Derivatives Exchange Enhances Utility of Its Native BGB Token

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Bitget, a major crypto derivatives and copy exchange, sees its BGB token in the top ranking of the CoinGecko service. Bitten has recently announced an update to its white paper with an injection of new features and benefits for BGB token holders.

Bitget (BGB) publishes new whitepaper: What changes for BGB holders?

The updated section of Bitget’s white paper is largely devoted to the original BGB token and its many new use cases. Among the most interesting introductions in the latest issue is the mention of several new use cases that will be incorporated into the token, making it an important element of the rapidly growing Bitget ecosystem.

The most interesting features that Bitget promises to introduce is the BGB Lottery – a benefit that owners of the asset and exchange users can expect to exploit for a mix of fun and profit. Another feature is the test fund which will be used to facilitate futures trading. The most noticeable changes, however, involve the introduction of a burn mechanism for deflation purposes, and the inclusion of several promising passive earning services.

Bitget (BGB) in Q2, 2023: What has been achieved so far?

The BGB token has played a role of ever-increasing importance within the Bitget ecosystem of products, which has expanded with new services that have either been developed from scratch or incorporated into the exchange after acquisition. Holders of the BGB token can currently expect to use the asset to access interesting projects listed on the original Launchpad and Launchpool platforms, as well as vote on listings of new and promising coins.

Other benefits the BGB token offers include zero trading fees and access to a number of features for which the token acts as an important key card. Traders are known to value the BGB token, considering its increasing trading volume and price, which has been at its peak since February 2023, when it reached $0.51 per token and rose over 500% in trading volume growth.

The Bitget ecosystem has been on the path to aggressive expansion well beyond the crypto derivatives trading arena, as evidenced by the recently announced new ‘Go Beyond Derivatives’ Strategyy. The exchange is moving toward full Web3 integration with the acquisition of the BitKeep wallet and its rebranding to Bitget Wallet, a move that added more than 9 million new users to the exchange’s audience. In addition to product development, Bitget has also been embarking on corporate social responsibility initiatives, which include partnerships with sports clubs such as Juventus.