Cryptocurrencies

Cryptocurrency exchange Bitget is looking to create its own on-chain ecosystem

Cryptocurrency exchange Bitget is looking to create its own on-chain ecosystem by following in the footsteps of exchanges like Binance, OKX, and KuCoin.

“The Bitget Onchain layer will not only integrate a set of native decentralized applications (DApps) within Bitget Wallet through joint collaboration with developers,” according to a Bitget statement shared with Cointelegraph on May 15. “At the same time, a $10 million BWB Environmental Fund has also been set up specifically to accelerate the development of the Bitget Onchain layer and support compatible projects.

BWB is the native token of the exchange’s self-custodial wallet of the same name and is similar to the Trust Wallet (TWT) token. Meanwhile, the exchange itself also has a native token, BGB, which can be used to offset trading fees similar to Binance’s BNB token (BNB), KuCoin’s KCS token, and OKX’s OKB token.

Initially, the Bitget OnChain Layer Ecosystem Fund will be dedicated to investing in and incubating various Web3 trading services. There are currently three pre-market price aggregators, an on-chain derivatives market and trading bots that will complement Bitget Wallet’s cross-chain swap service, according to the exchange.

Bitget Wallet is currently one of the most popular self-custodial wallets in the Asia-Pacific region, with over 20 million users. The wallet’s native token, BWB, is scheduled to launch this quarter, with 5% of the $1 billion maximum supply allocated to community members in a pre-generation event. Post-launch, BWB will operate the Bitget Wallet and OnChain Layer ecosystem through governance voting, eligibility to participate in Launchpad events, receiving rewards and paying cross-chain gas fees.

Bitget OnChain layer and ecosystem. Source: Bitgate

The move follows Bitget’s efforts to facilitate day trading and expand into all aspects of the cryptocurrency ecosystem.

Binance, the world’s largest cryptocurrency exchange, first launched its BNB chain in September 2020. Around the same time, Trust Wallet – created by Binance and now a separate legal entity – launched its own TWT token, which has since bypassed the market Fully diluted $1 billion cap. In 2021, decentralized exchange PancakeSwap became the first $1 billion project on the BNB chain.

Likewise, cryptocurrency exchange OKX built its own self-wallet and Web3 marketplace to trade non-fungible tokens, interact with decentralized applications, and trade new inventions such as Bitcoin Runes, Ordinals, Automatics, and BRC-20 tokens. On May 13, the OKX Web3 market became the largest exchange for trading Bitcoin Runes, with a market share of 51.08%.

Related: Bybit to launch Notcoin trading and withdrawals next week

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