Bitget, a cryptocurrency exchange and Web3 firm, is set to roll out new payment services to give Filipinos more ways to use digital currency in daily life. The company plans to launch Bitget Pay and the Bitget Card, enabling payments for dining, travel, shopping, and fuel. Discounts will also be available at select partner merchants.
The services will be powered by Bitget’s newly unified utility token, BGB, which merges the Bitget Token and Bitget Wallet Token. Users who hold a specified amount of BGB will receive added perks, such as rebates, lower transaction fees, and access to premium services.
“These developments align with the Philippines’ increasing adoption of digital payment solutions, providing an added choice for consumers who want to explore cryptocurrency as part of their financial habits,” said Jose Mendoza, country manager of Bitget Philippines.
Mendoza added that the company is forming partnerships with local and global merchants to make these services widely available.
To increase BGB’s value, Bitget has burned 800 million tokens, reducing its total supply by 40%.
“The steps reflect Bitget’s commitment to supporting the value of BGB for its holders, including those in the Philippines who are looking to explore this growing ecosystem,” said Gracy Chen, CEO of Bitget.
The company also committed to ongoing token burns, using 20% of its quarterly trading profits. It has implemented security measures, including a $600 million Protection Fund and monthly Proof-of-Reserve reports, to boost user confidence.