Bitget Wallet, formerly known as BitKeep, is poised to introduce its native token, marking a significant milestone a year after receiving a $30 million investment from the crypto exchange Bitget.
This move comes as part of the wallet’s ambitious strategy to enhance its ecosystem and offer more value to its users.
Strategic Airdrop and Token Economics
The upcoming airdrop, detailed on March 18, outlines the distribution of the wallet’s native token, BWB, with a total supply of 1 billion tokens.
A notable 5% of this supply is allocated to users who have engaged with the Bitget Wallet through holding digital assets or executing in-app swap transactions.
An innovative six-week points reward system will precede the token’s airdrop, allowing users to convert points to BWB tokens in Q2, following its initial exchange offering.
Additionally, users who received rewards from the wallet prior to its rebranding can convert these to BWB at a favorable ratio of 6:10 in the same quarter.
Alvin Kan, COO of Bitget Wallet, emphasized the token’s role in providing holders with governance rights, ecosystem airdrops, and dividends, underlying the team’s vision for BWB as a cornerstone of the wallet’s community and ecosystem.
Technical Challenges and Community Response
The announcement of BWB’s launch spurred a wave of excitement, leading to a temporary service overload as users flocked to claim their tokens.
Bitget Wallet acknowledged the technical hiccup and reassured users of a swift resolution, demonstrating the team’s commitment to a seamless user experience.
Bitget Wallet’s Growing Influence
With over 19 million users, Bitget Wallet has established itself as a leading crypto wallet in the Asia-Pacific region.
Its versatility is evident in the support for approximately 40 blockchains through its in-wallet swap feature.
This strategic move to launch a native token mirrors the successful trajectory of Trust Wallet, which saw significant growth and value appreciation after launching its TWT token following Binance’s acquisition.
A New Chapter Post-Rebranding
The rebranding to Bitget Wallet in August 2023 followed the controlling stake acquisition by Bitget exchange, marking a new chapter in the wallet’s journey.
Since then, Bitget Wallet has expanded its services, including partnerships with payment processors to facilitate cryptocurrency purchases directly within the wallet, enhancing user convenience and accessibility.
As Bitget Wallet gears up for the BWB token launch, the crypto community watches closely, anticipating the impact of this initiative on the wallet’s ecosystem and the broader digital asset market.
The success of BWB could further solidify Bitget Wallet’s position as a key player in the crypto wallet space, offering comprehensive services and fostering a vibrant community of users.
