Bitget Boosts BGBTC with Daily Rewards and Faster Redemptions

Bitget has upgraded its BGBTC token, adding daily rewards and making it easier for holders to earn interest on their Bitcoin (BTC). The upgrade keeps BGBTC backed one-to-one by BTC and pays out daily rewards in BTC. Bitget also claims that large orders will be redeemed faster.

The exchange has implemented Chainlink's Cross-Chain Interoperability Protocol as its standard rail for moving the token between networks, a move it says is faster and more secure than its previous method of using Chainlink Proof of Reserve. Additionally, Bitget has added an independent Curator framework to oversee the strategies behind BGBTC, naming Gauntlet as the curator.

Gracy Chen, chief executive of Bitget, said that 'The next stage isn't simply holding Bitcoin, it's making it productive.' This upgrade is part of a larger effort by Bitget to connect centralized and decentralized finance through its use of infrastructure from companies like Morph and Chainlink.