Popular web3 wallet, Bitget has announced the launching of its ecosystem fund. The firm made the disclosure on Wednesday via its official page on X (formerly Twitter). According to the wallet provider, the fund is an investment in the future of web3 transactions.
As revealed, the funds will be directed at supporting and incubating numerous web3 trading services. Furthermore, the funds will be dedicated to memes projects and other emerging innovations within the crypto and web3 landscape.
Bitget Wallet to Launch Native Token
In the announcement, the firm also provided some vital information about its future plans. Bitget Wallet disclosed that it will focus on building a middle layer that will allow simple interactions between users and the complex web3 ecosystem. Also, the firm revealed plans to launch its native token $BWB. According to the web3 wallet provider, the coin will serve as the native token for the Bitget Onchain Layer.
Similarly, Bitget Wallet revealed that the $BWB will launch by the second quarter of 2024. More so, the firm disclosed that it has allocated 5% of its 1 billion total supply for community members through its pre-generation campaign. Upon the launching of the token, $BWB will power the Bitget Wallet and OnChain Layer ecosystem.
Consequently, holders of the token will participate in the governance of the project, as it will allow them to propose and vote on crucial issues. Additionally, the token will be a pathway for launchpad events, means of settling multichain gas fees, and staking rewards. As revealed the Bitget Onchain Layer will integrate with numerous native decentralized applications within the Bitget Wallet.
The integration according to the firm will manifest through a joint partnership with developers. The exchange disclosed that there are already three pre-market price aggregators, an on-chain derivatives market, and numerous trading bots to enhance the wallet’s interchain swap service. In the last few years, Bitget has developed from being a mere crypto wallet to evolving into a robust web3 ecosystem.
Side Note
With the launching of its on-chain ecosystem, Bitget is now following the path of popular cryptocurrency exchanges like Binance, KuCoin, and OKX. Don’t forget that the Bitget cryptocurrency exchange has a native token; BGB that operates similarly to the BNB of Binance.
According to Coinmarketcap, the BGB token is presently trading at $1.07, and it has been up by 2.23% in the last 24 hours. It is worth mentioning that the Bitget Wallet has enjoyed huge adoption in the Asia-Pacific region, establishing itself as a leading self-custody wallet. So far, the wallet has more than 20 million users.
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