Bitget Enhances BGBTC with Daily Rewards and Faster Redemptions

Bitget has enhanced its yield-bearing Bitcoin (BTC) token, BGBTC, to offer daily rewards to holders. The upgrade retains a one-to-one backing of BGBTC by BTC and introduces daily rewards denominated in BTC.

The exchange promises faster redemption on large orders following the change. Additional risk controls and disclosures have also been implemented.

Holders can use BGBTC as futures margin or lending collateral, and commit it to Launchpool and PoolX. Bitget has standardized cross-chain transfers for the token using Chainlink's Cross-Chain Interoperability Protocol.

As part of this upgrade, Gauntlet, a quantitative risk firm, will oversee strategies behind the token through an independent Curator framework.