Bitget Offers BGB Holders More Utility with Futures Listing

Bitget announces the first perpetual futures listing for BGB.

A Bitget robot talking to a guy in a digital office environment with Gracy Chen in the foreground.
Created by Gabor Kovacs from DailyCoin
  • Bitget has announced the first perpetual futures listing for BGB.
  • The move promises to bring several benefits to BGB holders.
  • Bitget is running a giveaway campaign to corroborate the event.

Over the years, leading crypto exchange Bitget has shown its commitment to expanding the utility of its native token, BGB. First, in April 2023, Bitget secured a listing for the token on Bitfinex to boost its liquidity. Then, on July 1, 2024, the exchange upgraded the token’s smart contract to allow its use in DeFi and other decentralized applications.

Now, the exchange has announced the first perpetual futures listing for the token, a move that promises to bring greater flexibility and more to holders.

BGB Gets 50x Perps

Traders can now trade BGB futures. In a July 8 press release, Bitget announced that BGB perpetual futures with up to 50x leverage were now live on the exchange.

Sponsored

The move is essential as it offers users new functionality, like profiting from short-term price movements without adding or cutting down their holdings, and it is also an avenue to hedge against their exposure. 

Commenting on the development, Bitget CEO Gracy Chen expressed excitement about the token’s growing utility while hinting at more developments ahead.

"We are thrilled to expand the trading options for BGB, offering our users more ways to benefit from Bitget's native token. The addition of BGB to the futures market, along with existing trading services and utilities, proves our commitment to providing a comprehensive, rewarding and smart trading experience. Looking forward to new heights of the token and the company!" She asserted.

To commemorate BGB’s perpetual futures listing, Bitget has launched a giveaway campaign.

20,000 BGB up for Grabs

To celebrate the BGB perpetual futures launch, Bitget disclosed that it would be offering up to 20,000 BGB, worth about $20,000 at current rates, in a series of competitions. A separate July 8 announcement revealed that this prize pool is split into 12,000 BGB for new Bitget users and 8,000 BGB for older users.

Sponsored

To participate in the giveaway, users must register on CandyBomb, an airdrop platform created by Bitget. After registering on the platform, their futures trading volume is automatically calculated. New users require a minimum of $100 in trading volume to get a ticket to enter the competition. For old users, the benchmark is significantly higher at $50,000. 

The promotional campaign is slated to run for a week, from July 8 to July 15.

On the Flipside 

  • BGB’s utility is still mainly limited to Bitget.

Why This Matters

Futures trading offers greater flexibility to asset holders who wish to hold for a long time. With BGB’s recent futures listing, asset holders would be able to engage in more sophisticated trading strategies.

Read this for more on Bitget’s BGB:
Bitget’s BGB Token to Debut on Bitfinex, Boosting Liquidity

Learn about Ethereum’s first attackathon:
Ethereum’s First “Attackathon” Explained: All You Need To Know

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Okoya David

David Okoya is a crypto news reporter at DailyCoin based in Nigeria. He covers various topics related to the cryptocurrency industry, including exchanges, regulations, and price movements, and strives to bring fresh angles to breaking news. With experience as a freelance crypto news writer, David upholds the highest journalistic standards, telling complete stories and answering lingering questions whenever possible.