Bitget has upgraded its Bitcoin-backed BGBTC asset with daily BTC-denominated rewards, cross-chain transfers through Chainlink CCIP, and independent oversight from Gauntlet. The upgraded BGBTC is designed to maintain a 1:1 peg with Bitcoin while allowing users to earn yield without selling their underlying exposure.
Key Features
BGBTC offers daily BTC rewards, fast redemption at scale, and utility across trading, margin, loans, Launchpool, and PoolX. Holders can use the asset as futures margin, lending collateral, or for participation in the exchange’s Launchpool and PoolX products.
Cross-Chain Interoperability
Bitget has selected Chainlink’s Cross-Chain Interoperability Protocol as the canonical infrastructure for distributing BGBTC across multiple blockchain networks. CCIP provides the messaging layer needed to move the asset between supported chains, allowing holders to access decentralized applications and financial services outside Bitget’s centralized platform.
Independent Oversight
Gauntlet has been appointed as BGBTC’s independent curator and will supervise the strategies used to generate rewards for holders. The quantitative risk-management firm will monitor the underlying portfolio, assess risks, and help determine how capital is deployed.
