15 May

Bitget, a cryptocurrency exchange, is venturing into creating its own on-chain ecosystem, following the footsteps of exchanges like Binance, OKX, and KuCoin.

According to a statement from Bitget shared on May 15, the Bitget Onchain Layer will integrate various native DApps within the Bitget Wallet through collaborative efforts with developers. Additionally, the exchange has established a $10 million BWB Ecosystem Fund to expedite the development of the Bitget Onchain Layer and support aligned projects.

BWB is the native token of Bitget's self-custody wallet, similar to Trust Wallet's TWT token. Furthermore, the exchange itself has a native token called BGB, which can be utilized to offset trading fees, akin to Binance's BNB token, KuCoin's KCS token, and OKX's OKB token.

Initially, the Bitget OnChain Layer Ecosystem Fund will focus on investing in and nurturing various Web3 trading services. 

Currently, there are three pre-market price aggregators, an on-chain derivatives market, and trading bots in the pipeline to complement Bitget Wallet's interchain swap service.

Bitget Wallet boasts a substantial user base in the Asia-Pacific region, with over 20 million users. The wallet's native token, BWB, is slated for launch this quarter, with a portion of its maximum supply reserved for community members in a pre-generation event. Following its launch, BWB will play a pivotal role in powering the Bitget Wallet and OnChain Layer ecosystem through governance voting, participation in Launchpad events, staking rewards, and payment of multichain gas fees.

Similar to Binance, which launched its BNB blockchain in September 2020, Bitget is expanding its offerings into the realm of self-custody wallets and decentralized applications. 

Likewise, OKX has also ventured into building its own self-custody wallet and Web3 Marketplace, catering to trading nonfungible tokens and interacting with decentralized applications. Recently, the OKX Web3 Marketplace emerged as the largest exchange for trading Bitcoin Runes, capturing a significant market share.

May 2024, Cryptoniteuae

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