Bitget, a cryptocurrency exchange platform and Web3 company, announced exciting plans for 2025, introducing new PayFi applications that aim to give users more ways to make everyday payments conveniently.
Following the merger of Bitget Token (BGB) and Bitget Wallet Token (BWB), the newly unified BGB will now power the entire Bitget ecosystem, serving as the core utility token for both the Bitget Exchange and Bitget Wallet. With the unified BGB token, Filipinos will soon be able to use Bitget Pay and the Bitget Card for everyday expenses like dining, travel, fuel, and shopping, with exclusive discounts available at select partner merchants.
According to the updated BGB whitepaper, cardholders who hold a specified amount of BGB tokens will also enjoy premium benefits such as rebates, reduced transaction fees, and access to luxury lifestyle services. To enhance its PayFi ecosystem, Bitget is also collaborating with more financial technology companies to expand the utility of BGB.
“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,” Bitget Philippines Country Manager Jose Mendoza said.
As part of its efforts to enhance the value of BGB, Bitget recently reduced the token’s total supply by burning 800 million tokens—worth nearly $5 billion. This strategic move reduced the total supply from 2 billion to 1.2 billion tokens, creating scarcity and boosting market confidence. Following the announcement, BGB’s price surged 23% to $8.36, 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.
Token burning is a process that permanently removes a portion of tokens from circulation, making the remaining supply more scarce. Many crypto companies burn tokens to keep up with the demand, resulting in the token price growing over time.
Bitget further strengthens user confidence with advanced security measures, including a $600M Protection Fund and a monthly updated Proof-of-Reserve report. Bitget’s record of Protection Fund and growing reserves offer traders greater security and trust on the platform.
“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,” Bitget CEO Gracy Chen said.
