Key Notes
- The collaboration between Bitget and Fiat24 will focus on the regulated adoption of digital assets through PayFi services.
- The BGB token is poised to significantly benefit from the partnership in the long haul.
Bitget ($BGB) cryptocurrency exchange, a top-tier CEX with more than 45 million globally registered users, has announced a strategic partnership with Swiss-based Fiat24. According to the announcement, the partnership between Bitget and Fiat24 will expand the cryptocurrency use cases in more than 65 countries, more so BGB
BGB
$4.22
24h volatility:
1.2%
Market cap:
$5.90 B
Vol. 24h:
$287.14 M
, Ethereum
ETH
$3 383
24h volatility:
2.3%
Market cap:
$406.70 B
Vol. 24h:
$31.36 B
, and stablecoins.
As a highly regulated payment solution, the partnership with Bitget will significantly bridge the gap between traditional and decentralized financial ecosystems. Moreover, Fiat24 has a long-standing collaboration with Mastercard to enable users to make global payments with its debit card.
The Bitget crypto exchange has significantly focused on enabling PayFi services with its growing BGB token in the recent past. Already, the cryptocurrency exchange has launched several products to enhance its PayFi services including the Bitget Pay and Bitget Card, which processes fast crypto payments at a small fee to all users.
“We are excited to collaborate with Fiat24 to advance crypto payments and simplify access to financial services for users worldwide, especially the unbanked. PayFi will be one of Bitget and BGB’s long-term strategies and a key approach to enhancing the real-world impact of crypto assets. Together with our partners, we envision a future where crypto payments become the norm,” Gracy Chen, CEO at Bitget, noted.
Market Impact of the Collaboration between Bitget and Fiat24
The mainstream adoption of digital assets has been accelerated in the recent past by the clear regulatory frameworks in different jurisdictions led by the European Union through the MiCA Act. Bitget is keen to grow its global influence to compete with other top-tier cryptocurrency exchanges aimed at the same market.
As a result, the Bitget team has focused on growing the $BGB ERC-20 token to a global standard with deep liquidity.
The mid-cap altcoin, with a fully diluted valuation of about $7.9 billion and a 24-hour average trading volume of around $567 million, has been in price discovery in the recent past.
According to the latest market data, BGB price rallied over 200 percent in the last four weeks to trade about $4 on Friday, during the early New York session.
However, the BGB token dropped over 13 percent in the last 24 hours, amid the ongoing crypto sell-off triggered by Bitcoin’s drop below $94K. From a technical analysis standpoint, the BGB token is already in a macro bull run after entering its price discovery earlier this year and is likely to rebound in the near term.
Meanwhile, the Fiat24 native token F24 will significantly benefit through increased on-chain activities, which will lead to more burns. The F24 token is majorly used to make purchases for premium NFTs.
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