Key facts
- Bitget has upgraded its BGBTC token.
- The BGBTC token is a Bitcoin-backed asset.
- Holders will receive daily BTC-denominated rewards.
- The upgrade enhances utility across trading, lending, and DeFi.
- Chainlink's infrastructure secures the upgrade.
- Chainlink provides interoperability and proof of reserves.
Bitget, a cryptocurrency exchange, has announced an upgrade to its BGBTC token. The BGBTC token is a Bitcoin-backed asset, and the upgrade introduces a feature that will provide daily rewards denominated in Bitcoin to its holders. This new reward mechanism is designed to enhance the value proposition for token holders. In addition to daily rewards, the upgrade also focuses on expanding the token's utility across various functions within the crypto ecosystem. These include its use in trading activities, lending platforms, and decentralized finance (DeFi) protocols. To ensure the integrity and functionality of these enhancements, the upgrade leverages Chainlink's established infrastructure. Specifically, Chainlink's services provide the necessary interoperability between different blockchain networks and offer proof of reserves, which verifies that the BGBTC tokens are indeed backed by Bitcoin.