Bitget launches “wrapped Bitcoin” BGBTC
Bitget continues to expand the capabilities of its ecosystem by introducing a new product called BGBTC, a «wrapped Bitcoin». This token is designed to combine the benefits of the Bitcoin network with the flexibility and functionality of the Bitget ecosystem!
What is BGBTC?
BGBTC is a token based on the Ethereum blockchain standard (ERC-20), which is the equivalent of one bitcoin (BTC) but available for use in decentralized applications and services. It is fully provided with original bitcoins, which are stored in special backup accounts, which guarantees complete transparency and security.
BGBTC Launch Goals
Bitget aims to increase Bitcoin’s liquidity and availability in decentralized finance (DeFi). With BGBTC, users will be able to participate in various DeFi protocols such as staking, farming and lending without going beyond the Bitget ecosystem.
Also, the launch of wrapped Bitcoin (from 12/09/2024) simplifies the processes of interaction between centralized and decentralized platforms. Users will be able to easily move their assets between different ecosystems while maintaining their link to the value of the original Bitcoin.
Benefits of BGBTC
Flexibility: the ability to use Bitcoin in DeFi protocols.
Transparency: reserves are provided 1:1 and are regularly confirmed by audits.
Integration: Fully compatible with the Bitget ecosystem and third-party platforms.
Transaction speed: Thanks to the Ethereum network, transactions with BGBTC are faster than traditional transactions on the Bitcoin network.
How to use BGBTC?
To receive BGBTC, users can exchange their Bitcoins for tokens through the Bitget platform. In the future, they will be free to use them in any supported services.
The launch of BGBTC represents another step for Bitget towards a more integrated and accessible cryptocurrency ecosystem. This initiative opens up new opportunities for BTC holders, and also strengthens the stock exchange’s position in the digital asset market.
With the development of products such as BGBTC, Bitget strengthens its reputation as an innovator in the cryptocurrency industry and creates the conditions for even more active user involvement in the world of blockchain and DeFi!