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Bitget Completes First-Ever Burn of 800 Million BGB Tokens, Reducing Supply by 40%
In a move aimed at enhancing the value and scarcity of its native Bitget Token (BGB), Bitget, a leading cryptocurrency exchange and Web3 company, has successfully completed its first-ever burn of 800 million BGB tokens. This strategic decision sees the total supply of BGB decrease by an astonishing 40%.
The burned tokens originated from holdings by the core team and circulating supplies, with 19% sourced from the former and the remaining 21% comprised of the latter. By eliminating these tokens from circulation, Bitget is poised to create a stronger and more resilient ecosystem that benefits all stakeholders.
According to sources, this initial burn marks the beginning of a new quarterly program aimed at maintaining a healthy balance between supply and demand. The exchange has emphasized its commitment to driving crypto adoption through strategic partnerships with prominent organizations and individuals in the sports and entertainment sectors.
As part of its continued growth, Bitget has also announced its position as the Official Crypto Partner of LALIGA, one of the world’s top football leagues, for markets in Eastern Europe, Southeast Asia, and Latin America. Additionally, it is working alongside top athletes from Turkey, including wrestling champion Buse Tosun Çavuşoğlu, boxing gold medalist Samet Gümüş, and volleyball national team player İlkin Aydın.
In its pursuit of fostering a more inclusive and accessible cryptocurrency market, Bitget has demonstrated its dedication to the growth and development of the digital asset space.
Source: cryptopotato.com
