Bitget, a cryptocurrency exchange, is planning to create its own on-chain ecosystem, taking inspiration from exchanges like Binance, OKX, and KuCoin. The company’s Bitget Onchain Layer will integrate various native decentralized applications (DApps) into the Bitget Wallet through collaboration with developers. Additionally, Bitget has established a $10 million BWB Ecosystem Fund to accelerate the development of the on-chain layer and support related projects.
BWB is the native token of the Bitget self-custody wallet, similar to Trust Wallet’s TWT token. Bitget also has its own native token, BGB, which can be used to offset trading fees, much like Binance’s BNB, KuCoin’s KCS, and OKX’s OKB tokens.
Initially, the Bitget OnChain Layer Ecosystem Fund will focus on investing in and incubating various Web3 trading services. This includes pre-market price aggregators, an on-chain derivatives market, and trading bots that will complement the Bitget Wallet’s interchain swap service.
Bitget Wallet is a popular self-custody wallet in the Asia-Pacific region, boasting over 20 million users. The wallet’s native token, BWB, is set to launch this quarter, with 5% of its maximum supply reserved for community members. After the launch, BWB will play a crucial role in the governance of the Bitget Wallet and OnChain Layer ecosystem, including voting, participation in Launchpad events, staking rewards, and payment of multichain gas fees.
This move aligns with Bitget’s goal of facilitating day-to-day trading and expanding its presence in the crypto ecosystem. Other exchanges, such as Binance and OKX, have already ventured into creating their own blockchain and self-custody wallets, as well as supporting various trading services and decentralized applications.
Bitget aims to follow in their footsteps and establish its on-chain ecosystem to provide a comprehensive range of services to its users.