Bitget Expands Its PayFi Ecosystem with New BGB Token Applications

Cryptocurrency exchange platform Bitget is introducing new applications this year to expand users’ payment options.

The newly unified Bitget Token (BGB) will power the Bitget ecosystem to allow users to use Bitget Pay and Bitget Card for payments at select partner merchants, it said in a statement on Monday.

“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. Bitget is working toward partnering with both local and international merchants to bring these services to a wide range of our consumers, blending the benefits of cryptocurrency with practical use cases,” said Bitget Philippines Country Manager Jose Mendoza.

Cardholders who have the required number of BGB tokens will be able to enjoy benefits such as rebates and lower transaction fees, among others.

“To enhance its PayFi ecosystem, Bitget is also collaborating with more financial technology companies to expand the utility of BGB,” the company said.

Recently, Bitget reduced the total supply of the token by burning or removing from circulation 800 million tokens valued at nearly $5 billion to enhance the value of BGB. This brought the total supply to 1.2 billion tokens from 2 billion, causing the price of BGB to increase by 23% to $8.36 and increasing its market capitalization to $11.7 billion.

“Bitget has also committed to ongoing quarterly burns, destroying 20% of its profits from trading fees across its services. The repurchased tokens will be sent to a burn address, with details of each burn shared publicly to maintain transparency,” it said.

“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,” said Bitget CEO Gracy Chen.

The company is also looking to enhance its platform’s security measures through a protection fund and regular reporting of reserves, it said. — B.M.D. Cruz