- Summary:
- BGB gives holders access to staking, governance voting, trading fee discounts etc. However, the timing of the listing may weaken the takeoff.
Leading cryptocurrency copy trading platform, Bitget, has announced that its native BGB token will begin trading on Bitfinex exchange. According to a release, BGB will be paired against the US dollar and USDT. Bitget says that the move is meant to boost the token’s value and utility while also improving its liquidity. Additionally, Bitget says that listing BGB on Bitfinex is a response to the market’s growing interest in the coin.
Bitget’s growth plans and why the timing might not favour BGB
Bitget is a leading crypto derivatives platform, providing users with a safe and reliable environment in which to engage in futures trading, copy trading, C2C trading, and spot trading. Beginning at 10 AM UTC on April 25, 2023, Bitfinex will begin accepting BGB deposits. Thereafter, on April 27, 2023, at at 10 AM UTC, trading in BGB will begin.
The listing comes as the cryptocurrency market sends conflicting signals after a strong show in April, which saw the bellwether BTC breach the $30 k mark. However, some of those gains have reversed over that past week, and this may put BGB at a disadvantage at the outset. Nonetheless, over the next few weeks, it will likely gain ground.
Bitget’s BGB token is a utility token crucial to the functioning of the Bitget ecosystem. It grants users the ability to vote on project listings, join Launchpad and Launchpool to gain access to high-quality tokens, receive fee discounts, and more on the Bitget exchange. Also, staking $BGB tokens grants holders access to a wide variety of premium benefits and savings. There are currently 1,400,000,000 BGB in circulation and a maximum of 2,000,000,000 BGB in existence.
In addition, more native token features, such as the BGB lottery, trial fund for futures trading, and special earning services, are in the works, as detailed in the recently revised BGB whitepaper. The circulating supply of BGB tokens could be reduced and its value could rise with the help of a buyback and burn mechanism.