Bitget Wallet to launch native token 1 year after $30M raise

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Cross-chain wallet BitKeep, now known as Bitget Wallet, will be launching its own native token after securing a $30 million investment at a $300 million valuation from the namesake exchange last year. 

According to the airdrop plan unveiled on March 18, the total supply of BWB is set at 1 billion, with a 5% allocation to users holding digital assets within Bitget Wallet or using in-app swap transactions. The airdrop will feature an initial six-week points reward system, which can be converted to BWB tokens in the second quarter following its initial exchange offering. In addition, users who received rewards from BitKeep wallet before its rebranding last year can convert them to BWB in Q2 at a ratio of 6:10. 

“It’s important to us that BWB serves as a key to unlocking exclusive benefits for its holders, offering them a voice in community governance, access to ecosystem airdrops, and a dividend in the rewards,” said Alvin Kan, COO of Bitget Wallet. Shortly after the announcement, the wallet’s servers experienced a service overload,  with users reporting they couldn’t claim their BWB. Developers have since clarified that “our team is working hard to repair it and the issue will be resolved soon.” 

Currently, the wallet is one of the most popular in the Asia-Pacific region with over 19 million users, and its in-wallet swap functionality supports around 40 blockchains. The move follows the footsteps of Trust Wallet, which also launched its own native token after its acquisition by crypto exchange Binance in 2018. Since its inception in 2020, the TWT token has returned 19,599% with a diluted market cap of $1.3 billion. The wallet reportedly has more than 80 million users. 

In August 2023, BitKeep rebranded to Bitget Wallet following its controlling-stake acquisition by the latter exchange. At the time, its then-COO Moka Han said that the wallet has secured partnerships with Banxa, Simplex, Alchemy Pay, MoonPay and FaTPay to allow users to purchase cryptocurrencies within the wallet via credit cards, Google Pay and Apple Pay. 

Related: Bitget integrates DeFi aggregator into crypto exchange app