Bitget Boosts BGBTC Rewards to Daily Payouts
Bitget has upgraded its BGBTC token to offer daily rewards in Bitcoin (BTC) for holders, marking an expansion of its yield-bearing assets. The exchange announced the upgrade, citing faster redemption times on large orders and additional risk controls. Holders can now use BGBTC as futures margin or lending collateral.
The upgrade is built on Chainlink's Cross-Chain Interoperability Protocol (CCIP), a standard rail for moving tokens between networks. This replaces Bitget's earlier use of Chainlink Proof of Reserve. The exchange has also named Gauntlet, a quantitative risk firm, as its independent curator for the token.
The setup separates strategy decisions from custody of the assets, allowing users to commit BGBTC to Launchpool and PoolX. According to Gracy Chen, chief executive of Bitget, 'The next stage isn't simply holding Bitcoin, it's making it productive.' The upgrade is part of a broader effort to connect centralized and decentralized finance.