Bitget Upgrades BGBTC to Offer Daily BTC Rewards and Faster Redemption

Bitget has upgraded its yield-bearing Bitcoin (BTC) token, BGBTC, allowing holders to collect daily rewards in BTC. The upgrade maintains a one-to-one backing of BGBTC by BTC and introduces faster redemption for large orders. Bitget also implemented additional risk controls and disclosures as part of the change.

The exchange has partnered with Chainlink's Cross-Chain Interoperability Protocol (CCIP) to facilitate cross-chain transfers between networks, replacing its earlier use of Chainlink Proof of Reserve. This move aims to improve efficiency and security in transferring BGBTC. Bitget has also integrated an independent Curator framework, naming Gauntlet as the curator for BGBTC strategies.

Gauntlet's role is to oversee strategy decisions without managing custody of the assets. Gracy Chen, chief executive of Bitget, stated that the upgrade represents 'the next stage' in making Bitcoin productive and capital-efficient.