Bitget, a leading cryptocurrency exchange and web3 company, launched its native token, Bitget Token (BGB), for futures trading. This strategic move introduces the first BGB perpetual futures, BGBUSDT-M, which will be available starting July 8, 2024, with a maximum leverage of 50x.
BGB, which serves as Bitget’s ecosystem token, was launched in July 2021 with a total supply of 2 billion tokens. Currently, 1.4 billion tokens are in circulation. Designed to create a secure and user-friendly crypto ecosystem, BGB offers numerous perks to its holders. These benefits include spot trading fee discounts, free withdrawals, access to token sales or airdrops on Launchpad and Launch Pool, and other platform-specific advantages, thereby fostering a strong utility-driven ecosystem.
In addition to its new availability in the futures market, BGB can also be traded on Bitget’s spot and margin markets. It supports various trading activities, including copy trading and trading bots, further enhancing its utility within the Bitget ecosystem. The token is listed on major centralized exchanges such as Bitfinex and MEXC. Demonstrating impressive market performance, BGB reached a new all-time high of $1.4306 in early June 2024, marking a 141.4% increase over the past year.
Gracy Chen, CEO of Bitget, expressed her excitement about the expanded trading options for BGB. “We are thrilled to offer our users more ways to benefit from Bitget’s native token. The addition of BGB to the futures market and our existing trading services and utilities underscores our commitment to providing a comprehensive, rewarding, and smart trading experience. We look forward to reaching new heights with both the token and the company.”
On July 1, Bitget upgraded the smart contract address for its native token, BGB. This enhancement aims to increase the token’s utility and potential applications in various decentralized applications (dApps). The upgrade also facilitates future listings on more centralized and decentralized exchanges.
To celebrate the launch of the first BGB perpetual futures, Bitget is hosting a series of competitions with a prize pool of 20,000 BGB. With this development, Bitget continues to enhance its offerings and expand its user base, contributing to the broader adoption of cryptocurrency trading and investment.
