Bitget, a cryptocurrency exchange, is planning to develop its own on-chain ecosystem, taking inspiration from exchanges such as Binance, OKX, and KuCoin.
In a statement shared with Cointelegraph on May 15, Bitget revealed that its Bitget Onchain Layer will integrate various decentralized applications (DApps) within its Bitget Wallet through collaboration with developers. Additionally, the exchange has established a $10 million BWB Ecosystem Fund to support the development of the Bitget Onchain Layer and related projects.
BWB is the native token of Bitget’s self-custody wallet, similar to Binance’s Trust Wallet token (TWT). Bitget also has its own native token, BGB, which can be used to offset trading fees, much like Binance’s BNB, KuCoin’s KCS, and OKX’s OKB tokens.
Initially, the Bitget OnChain Layer Ecosystem Fund will focus on investing in and nurturing various Web3 trading services. The exchange currently offers three pre-market price aggregators, an on-chain derivatives market, and trading bots that will complement Bitget Wallet’s interchain swap service.
Bitget Wallet is a popular self-custody wallet in the Asia-Pacific region, boasting over 20 million users. The wallet’s native token, BWB, is set to launch this quarter, with 5% of its maximum supply reserved for community members. After the launch, BWB will play a pivotal role in governing the Bitget Wallet and OnChain Layer ecosystem, participating in Launchpad events, earning staking rewards, and paying multichain gas fees.
This move by Bitget aligns with its goal of facilitating day-to-day trading and expanding its presence in the crypto ecosystem.
Binance, the world’s largest crypto exchange, introduced its BNB blockchain in September 2020. Around the same time, Trust Wallet, which was initially created by Binance and is now a separate legal entity, launched its own TWT token. The TWT token has since achieved a fully diluted market cap of over $1 billion. In 2021, the decentralized exchange PancakeSwap became the first billion-dollar project on the BNB Chain.
Similarly, OKX, another crypto exchange, has developed its own self-custody wallet and Web3 Marketplace, allowing users to trade nonfungible tokens, interact with decentralized applications, and trade unique assets like Bitcoin Runes, Ordinals, Atomicals, and BRC-20 tokens. On May 13, the OKX Web3 Marketplace became the largest exchange for trading Bitcoin Runes, capturing a 51.08% market share.
In related news, Bybit is planning to launch Notcoin trading and withdrawals next week.