BitKeep, now renamed Bitget Wallet, is set to launch its own native token, BWB, after securing a $30 million investment from its parent company, Bitget Exchange. The investment valued BitKeep at $300 million. In an airdrop plan announced on March 18, it was revealed that the total supply of BWB would be 1 billion, with 5% allocated to users who hold digital assets within Bitget Wallet or engage in in-app swap transactions. The airdrop will feature a six-week points reward system, with the points convertible to BWB tokens in the second quarter following the initial exchange offering. Users who received rewards from BitKeep Wallet prior to its rebranding last year will be able to convert them to BWB at a ratio of 6:10 in Q2. Alvin Kan, the COO of Bitget Wallet, emphasized that BWB would provide exclusive benefits to its holders, including participation in community governance, access to ecosystem airdrops, and dividend rewards. Following the announcement, users experienced service overload issues with the wallet’s servers, preventing them from claiming their BWB. Bitget Wallet has assured users that the issue is being addressed and will be resolved soon. With over 19 million users, Bitget Wallet is currently one of the most popular wallets in the Asia-Pacific region, supporting approximately 40 blockchains for in-wallet swaps. This move to launch its own native token follows in the footsteps of Trust Wallet, which experienced significant success after launching its TWT token following its acquisition by Binance in 2018. Since its inception in 2020, TWT has seen a return of 19,599%, with a diluted market cap of $1.3 billion and more than 80 million users. In August 2023, BitKeep rebranded to Bitget Wallet after being acquired by Bitget Exchange. This acquisition allowed Bitget Wallet to form partnerships with Banxa, Simplex, Alchemy Pay, MoonPay, and FaTPay, enabling users to purchase cryptocurrencies within the wallet using credit cards, Google Pay, and Apple Pay.
Bitget Wallet Set to Unveil Native Token, One Year Following Successful $30M Fundraising Round