CRYPTOCURRENCY exchange and Web3 company Bitget, unveiled its plans for the year, introducing new PayFi applications aimed at enhancing payment convenience for users in the country.
Following the merger of Bitget Token (BGB) and Bitget Wallet Token (BWB), the newly unified BGB will serve as the core utility token across its ecosystem, facilitating everyday transactions through Bitget Pay and the Bitget Card for expenses such as dining, travel, and shopping. Users will also benefit from exclusive discounts at partner merchants.
The updated BGB whitepaper indicates that cardholders maintaining a specified amount of BGB tokens will receive premium benefits, including rebates and reduced transaction fees. To broaden the utility of BGB, Bitget is collaborating with various financial technology companies.
“These developments align with the Philippines’ increasing adoption of digital payment solutions, providing an added choice for consumers who want to explore cryptocurrency as part of their financial habits,” said Jose Mendoza, Bitget Philippines Country Manager. “Bitget is working toward partnering with both local and international merchants to bring these services to a wide range of our consumers.”
In a strategic move to enhance BGB’s value, Bitget recently burned 800 million tokens—valued at nearly $5 billion—reducing the total supply from 2 billion to 1.2 billion tokens. This action created scarcity in the market and led to a 23 percent surge in BGB’s price, raising its market capitalization to $11.7 billion.
Bitget has committed to ongoing quarterly burns, destroying 20% of its trading fee profits, with transparency maintained through public disclosures of each burn event. The platform also bolsters user confidence with robust security measures, including a $600 million Protection Fund and a monthly Proof-of-Reserve report.
“The steps reflect Bitget’s commitment to supporting the value of BGB for its holders, including those in the Philippines who are looking to explore this growing ecosystem,” stated Gracy Chen, CEO of Bitget.