Bitget Wrapped BTC

BGBTC Price

About Bitget Wrapped BTC (BGBTC)

Bitget Wrapped BTC is a wrapped version of Bitcoin pegged 1:1 with Bitcoin (BTC) on the Bitget exchange, designed to bring Bitcoin liquidity into decentralized finance.

• It enables Bitcoin holders to participate in yield-generating activities on the Ethereum network without selling their underlying assets.
• Users can earn stackable reward points and airdrops from various BTCFi projects by staking their BGBTC.
• The asset is backed by 100% Proof of Reserves and secured through multi-signature technology and multi-party computation.

What Is Bitget Wrapped BTC

Bitget Wrapped BTC is a tokenized representation of Bitcoin that exists on the Ethereum network. It acts as a bridge, allowing the value and liquidity of Bitcoin to be utilized within the broader decentralized finance (DeFi) ecosystem. Value moves through the system when users deposit native Bitcoin into Bitget's custody to receive an equivalent amount of BGBTC. The token is "put to work" through staking mechanisms and protocol integrations, allowing users to access yield opportunities that were previously unavailable to Bitcoin holders. This architecture scales by integrating with multiple Layer 2 and DeFi protocols, expanding the utility of the locked Bitcoin as the ecosystem grows.

What Makes Bitget Wrapped BTC Unique

• Zero-Fee Model: Bitget currently covers all on-chain transaction costs for staking and redeeming BGBTC, removing the financial friction typically associated with bridging assets.
• Dual-Layer Security: The underlying Bitcoin is jointly safeguarded by Bitget and Cobo, utilizing multi-party computation (MPC) and multi-signature technology to ensure that no single party can unilaterally alter transactions.
• Early Settlement Flexibility: The protocol allows users to settle their accumulated reward points (BGPoints) early, providing a way to secure profits without waiting for long-term project milestones.

What Can You Use Bitget Wrapped BTC for?

1. Value retention: BGBTC allows users to hold a digital, on-chain representation of Bitcoin while maintaining exposure to its market value through a tokenized format.
2. Yield generation: Users can earn BGPoints through staking, which are convertible into token airdrops from partner projects such as Babylon, Solv Protocol, and Bedrock.
3. Cross-border settlement: BGBTC facilitates the frictionless transfer of Bitcoin value across the Ethereum network for international remittances or global trade.
4. Collateralization: The project roadmap includes future support for using BGBTC as backing for borrowing and lending protocols, as well as margin for derivatives.

How Does Bitget Wrapped BTC Work?

Bitget Wrapped BTC operates as an application utility token on the Ethereum blockchain. When a user stakes Bitcoin on the Bitget platform, the exchange locks the native asset in a secure, multi-signature wallet and issues an equivalent amount of BGBTC tokens to the user's Ethereum address. This 1:1 peg is maintained through a transparent Proof of Reserves system, which allows anyone to verify that the total supply of issued BGBTC is fully backed by native Bitcoin. Redemption involves burning the BGBTC tokens, which triggers the release of the native Bitcoin from custody. While transaction costs are inherent to the network, Bitget manages these through protocol service fees, which are currently subsidized for users.

Team Info and Investors

Bitget Wrapped BTC is managed by Bitget, a cryptocurrency exchange established in 2018. The project utilizes security and custody infrastructure provided by Cobo, a specialist in digital asset management. The source material does not specify individual founders, early venture capital backers, or a formal decentralized governance structure beyond the central management of the Bitget platform.

Where can you buy Bitget Wrapped BTC?

BGBTC tokens can be traded on centralized crypto exchanges. The most popular exchange to buy and trade Bitget Wrapped BTC is Bitget, where the most active trading pair BGBTC/USDT has a trading volume of $21,548.99 in the last 24 hours.

What is the daily trading volume of Bitget Wrapped BTC (BGBTC)?

The trading volume of Bitget Wrapped BTC (BGBTC) is $21,548.99 in the last 24 hours, representing a 5,138.60% increase from one day ago and signalling a recent rise in market activity. Check out CoinGecko’s list of highest volume cryptocurrencies.

What is the highest and lowest price for Bitget Wrapped BTC (BGBTC)?

Bitget Wrapped BTC (BGBTC) reached an all-time high of $82,693.30 and an all-time low of $59,220.39. It’s now trading -25.50% below that peak and 4.00% above its lowest price.

What is the market cap of Bitget Wrapped BTC (BGBTC)?

Market capitalization of Bitget Wrapped BTC (BGBTC) is $31,968,586 and is ranked #605 on CoinGecko today. Market cap is measured by multiplying token price with the circulating supply of BGBTC tokens (520 tokens are tradable on the market today).

What is the fully diluted valuation of Bitget Wrapped BTC (BGBTC)?

The fully diluted valuation (FDV) of Bitget Wrapped BTC (BGBTC) is $31,968,586. This is a statistical representation of the maximum market cap, assuming total number of 520 ETH tokens are in circulation today.

How does the price performance of Bitget Wrapped BTC compare against its peers?

With a price decline of -5.80% in the last 7 days, Bitget Wrapped BTC (BGBTC) is underperforming the global cryptocurrency market which is down -2.30%, while underperforming when compared to similar Ethereum Ecosystem cryptocurrencies which are up 12.70%.

How to add Bitget Wrapped BTC (BGBTC) to MetaMask?

Adding Bitget Wrapped BTC (BGBTC) to MetaMask allows you to view your token holdings, trade on decentralized exchanges, and more. To add them, you’ll need to import BGBTC as a token. You can copy BGBTC’s contract address (0x0520930f21b14cafac7a27b102487bee7138a017) and import it manually, or if you've installed MetaMask's chrome extension, add BGBTC to MetaMask with one click on CoinGecko.

Add BGBTC to MetaMask.