Bitget Wallet Set to Launch Native Token 1 Year After $30M Raise

BitKeep, a cross-chain wallet, is set to launch its native token, BWB, after receiving a $30 million investment from the Bitget exchange. The total supply of BWB will be 1 billion, with 5% allocated to users who hold digital assets within Bitget Wallet or use in-app swap transactions. The airdrop will include a points reward system that can be converted to BWB tokens in the second quarter. Users who received rewards from BitKeep wallet before its rebranding can also convert them to BWB at a ratio of 6:10. The aim is for BWB to offer exclusive benefits to holders, such as community governance and access to ecosystem airdrops.

Following the announcement, the wallet experienced server overload issues, preventing users from claiming their BWB tokens. Developers have reassured users that they are working to resolve the issue promptly. Bitget Wallet is currently popular in the Asia-Pacific region, boasting over 19 million users. It also supports around 40 blockchains for in-wallet swaps.

This move by BitKeep follows in the footsteps of Trust Wallet, which launched its own native token after being acquired by Binance in 2018. The TWT token has since seen impressive returns and has over 80 million users. BitKeep rebranded to Bitget Wallet in August 2023 after being acquired by Bitget exchange. The wallet has also secured partnerships with Banxa, Simplex, Alchemy Pay, MoonPay, and FaTPay, enabling users to purchase cryptocurrencies within the app via credit cards, Google Pay, and Apple Pay.