Bitget Upgrades BGBTC with Daily Rewards for Bitcoin Holders

Bitget, a cryptocurrency exchange, has upgraded its yield-bearing Bitcoin token, BGBTC. The upgrade adds daily rewards to BTC holders, with the token staying backed one-to-one by Bitcoin.

The move aims to make it productive for users to hold Bitcoin, according to Gracy Chen, Bitget's chief executive. She stated that capital efficiency is a defining theme for digital asset markets.

To facilitate this upgrade, Bitget has partnered with Chainlink's Cross-Chain Interoperability Protocol for cross-chain transfers of the token. This protocol replaces earlier infrastructure used by the exchange.