Bitget And MEXC Create New Breakthrough To Compete With Other Platforms

Key Points:

• Bitget and MEXC have entered a strategic partnership, listing each other’s platform tokens, BGB and MX, simultaneously.
• The move aims to enhance liquidity and accessibility for the tokens, targeting markets in Japan and South Korea.
• BGB token witnessed impressive growth, becoming the best-performing exchange token in Q1 2023, backed by the platform’s successful expansion and innovative features.

In a bid to strengthen their positions in the ever-competitive cryptocurrency exchange landscape, Bitget and MEXC have taken a bold step forward by announcing the simultaneous listing of each other’s native platform tokens.

The renowned crypto derivatives and copy trading platform, Bitget, will be listing its token, BGB, on MEXC, while MEXC’s platform token, MX, will find its way onto Bitget’s exchange. This move is set to bolster liquidity, accessibility, and overall value and utility for both tokens, presenting traders with new opportunities and privileges.

The decision comes at a time when major exchanges like Binance and OKX are increasingly focusing on compliance measures. Bybit, Bitget, and MEXC have recognized the potential to tap into markets like Japan and South Korea, leading them to adopt a more aggressive approach to expand their user base. Their mutual equity relationship ensures a coordinated effort in their advancement strategies, presenting a united front in the competitive crypto arena.

Bitget’s native token, BGB, plays a crucial role within the platform’s ecosystem, boasting a circulating supply of 1,400,000,000 and a total supply of 2,000,000,000. Holders of BGB enjoy a range of exclusive privileges and rights on Bitget’s exchange, including fee discounts, access to high-quality tokens through Launchpad and Launchpool participation, and the highly sought-after Super Airdrop feature.

The decision to list BGB on MEXC is in response to the soaring demand for the token in the market. Impressively, BGB has already attracted over 300,000 holders and achieved a staggering total trading volume of more than two billion USD since the beginning of the year. Its price growth has been remarkable, reaching an all-time high of over 0.51 USDT in February, outperforming even BTC and emerging as the best-performing exchange token in Q1 2023.

Bitget’s own success and steady growth have undoubtedly contributed to the surge in BGB’s value. With a rising share in both the spot and derivatives trading markets, the platform has earned a reputation for high financial security, garnering significant traction among traders. Moreover, Bitget’s impressive track record of listing over 180 coins in 2023 and delivering the best Launchpad performance, with an ATH average ROI of 41.9x, has further enhanced the appeal and use cases for BGB.

The release of the updated BGB whitepaper in April unveiled exciting new features in development, such as the BGB lottery, a trial fund for futures trading, and exclusive earning services. Additionally, Bitget is actively exploring a BGB buyback and burn mechanism to reduce the token’s circulating supply, thereby increasing its overall value. Another innovative feature, “Super Airdrop,” was introduced in May, allowing eligible BGB holders to receive airdrops of new crypto assets listed on the Bitget platform.

Besides the developments surrounding BGB, Bitget’s growing influence and continuous expansion within the cryptocurrency market significantly contribute to the demand and price performance of BGB. According to TokenInsight’s Crypto Exchange Report Q2 2023, Bitget ranks fourth in trading volume among all CEXs, with its market share surging by 1.81% to 8.7%, the second-highest increase among the Top 5 CEXs. The platform’s increasing market share in both the spot market and open interest solidifies its position as a leading player in the industry.

As these exchanges unite their efforts, traders and investors can look forward to enhanced opportunities and a more robust trading experience across both platforms. The listings are scheduled to go live on July 31, signifying a significant milestone for both Bitget and MEXC in their pursuit of market dominance.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.