Bitcoin and meme coins have grabbed headlines in the latest crypto rally. However, one token gained 231% in value over the last 30 days and 813% in the past year. Interestingly, it’s not a meme token but is backed by a crypto exchange – the Bitget token (BGB).
The rise of the Bitget token has been remarkable. It is one of the few tokens that has maintained a winning streak in the last seven days, with a 23.7% increase in value. The exchange-backed token is now trading at a record value of almost $5.3.
What Is Bitget Token (BGB)?
Launched in July 2021, the Bitget token is the native utility token of the Bitget exchange, a prominent platform for cryptocurrency derivatives trading.
Similar to other exchange tokens, the Bitget token is designed to enhance user engagement and streamline trading activities. BGB offers a wide range of use cases within the Bitget ecosystem. Holders of BGB can enjoy discounted trading fees, making it a cost-effective option for frequent traders. Additionally, the token grants access to exclusive platform privileges, such as participating in token sales via Launchpad and enjoying priority access to new product features.
BGB also plays a crucial role in Bitget’s broader ecosystem by supporting staking, reward programs, and other promotional activities that foster user loyalty.
Why Is Bitget Token (BGB) Rising?
The latest rise in the value of the Bitget token can be attributed to positive developments concerning the exchange.
Bitget recently obtained a Bitcoin Service Provider (BSP) licence from the Central Reserve Bank of El Salvador. This allows the exchange to offer fiat-to-Bitcoin exchanges, payment solutions, and custody services in the country.
The exchange is also awaiting further approval for a digital asset service provider licence from El Salvador’s National Commission of Digital Assets, which would allow it to offer cryptocurrencies beyond Bitcoin.
Additionally, the exchange operates from its base in Seychelles and is strengthening its presence in the European Union. Already licensed in Poland and Lithuania as a virtual asset service provider, the exchange is considering establishing a European base to align its operations with MiCA regulations.
Bitget also re-entered the United Kingdom last month after it restricted services in the country last May to meet local regulations.
What Is Happening with Other Exchange Tokens?
The exchange token model has become so successful that most crypto exchanges now have their native…
