Bitget Rewires BGBTC So Bitcoin Holders Collect Rewards Every Day

Bitget has upgraded BGBTC, its yield-bearing Bitcoin (BTC) token, adding daily rewards and shifting cross-chain transfers to Chainlink infrastructure.

BGBTC Upgrade Adds Daily Bitcoin Rewards

The exchange said the token stays backed one-to-one by Bitcoin and now pays rewards denominated in BTC every day. Bitget also promised faster redemption on large orders. Additional risk controls and disclosures came with the change.

Holders can post BGBTC as futures margin or lending collateral, and can commit it to Launchpool and PoolX, according to the company. Bitget named Chainlink's Cross-Chain Interoperability Protocol its standard rail for moving the token between networks, building on its earlier use of Chainlink Proof of Reserve.

Gauntlet Takes Curator Role On BGBTC

Bitget added an independent Curator framework to oversee the strategies behind the token, naming Gauntlet, a quantitative risk firm known for its work in decentralized finance.

The setup separates strategy decisions from custody of the assets. "The next stage isn't simply holding Bitcoin, it's making it productive," said Gracy Chen, chief executive of Bitget, who called capital efficiency a defining theme for digital asset markets.

The upgrade extends a run of yield products at Bitget, among them USDGO Holderyield. The exchange has also worked with Morph and Chainlink on infrastructure, part of a stated plan to connect centralized and decentralized finance.