Cryptocurrency
Bitget Completes First-Ever Burn of 800 Million BGB Tokens, Reducing Supply by 40%
[PRESS RELEASE – Victoria, Seychelles, December 31st, 2024]
Bitget, the leading cryptocurrency exchange and Web3 company has successfully completed the initial burn of its native Bitget Token (BGB), reducing the total supply by 40%. This strategic move involved burning 800 million BGB tokens, effectively decreasing the total supply from 2 billion to 1.2 billion tokens. The burn process was executed by transferring the tokens to a designated burn address, ensuring their permanent removal from circulation.
The distribution of the burned tokens was as follows: 19% originated from holdings by the core team, while the remaining 21% comprised tokens from both circulating supply and additional core team reserves. This action reflects Bitget’s strategic approach to enhancing the value and scarcity of BGB, aligning with industry practices aimed at benefiting token holders.
Looking ahead, Bitget has outlined a quarterly BGB burn mechanism set to commence in 2025. Under this plan, 20% of quarterly profits from exchange and wallet operations will be allocated to repurchase and burn BGB tokens. The profits considered for this mechanism encompass transaction fees from spot, futures, and margin trading on the Bitget exchange, as well as income from swaps, futures, and NFT trading on the Bitget Wallet.
“This initial burn, with a substantial contribution from the core team’s holdings, is an example of our belief in attaining success with the interests of our community. With the reduction in supply; BGB signifies the foundation of a stronger and more resilient ecosystem that benefits all stakeholders,” said Gracy Chen, CEO at Bitget.
The buyback and burn process will occur quarterly, typically finalized at the beginning of the subsequent quarter. Following each buyback, the acquired BGB tokens will be destroyed by sending them to a burn address. Bitget commits to transparency by publishing the exact amount burned and providing on-chain records after each burn event.
This initiative shows Bitget’s dedication to enhancing the utility and value of BGB within its ecosystem. By systematically reducing the token supply, Bitget aims to create a more robust and sustainable environment for its users and stakeholders.
For more detailed information, users can refer to the official announcement here.
About Bitget
Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 45 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.
Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA, and LATAM markets, as well as a global partner of the Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.
For more information, users can visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet
For media inquiries, users can contact: media@bitget.com
Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.
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Cryptocurrency
Koii Network Launches World’s Largest Community-Powered Supercomputer with Over 100,000 Nodes
[PRESS RELEASE – Halifax, Canada, January 2nd, 2025]
The world’s largest community-powered computing network launches with over 100,000 nodes processing 185.1 TB of data daily
Koii Network, in a watershed moment for distributed computing, has activated its mainnet, transforming 100,000+ personal computers into the world’s most powerful community-owned supercomputer. This milestone marks the first time a decentralized network has launched with infrastructure already processing more data than established cloud providers.
“Today isn’t about launching a network – it’s about democratizing the backbone of AI computing,” states Al Morris, founder of Koii Network. “While the industry debates theoretical capabilities, we’ve built a supercomputer powered by people, not corporations.”
Day One Infrastructure Metrics
- 100,000+ active nodes globally
- 185.1 terabytes of data processed daily
- 7 million daily transactions automated
- Production-ready AI infrastructure
- Multi-token compute marketplace
The mainnet introduction delivers several transformative capabilities
- Direct token liquidity for existing node operators
- Enterprise-grade infrastructure through Stakecraft, Infstones, and Liquify
- Seamless cross-chain operations via AllBridge
- Decentralized AI compute marketplace
“Most networks launch with promises. We’re launching with power,” Morris continues. “Our infrastructure isn’t theoretical – it’s already the largest distributed computing grid in Web3, processing real workloads at scale.”
Strategic Launch Partners
- Stakecraft: Enterprise node infrastructure
- Infstones: Professional validator services
- Liquify: Institutional-grade staking
- Haji.ro: Network security
- Outlier Ventures: Strategic development
The activation follows multiple oversubscribed private rounds, with public participation opportunities arriving through premier launchpads this month. In an unprecedented move, node operators who built the network receive immediate token liquidity – reflecting Koii’s commitment to infrastructure over speculation.
Enterprise developers can now access the world’s largest distributed computing network through Koii’s comprehensive documentation. The platform supports everything from AI model training to general compute workloads, all tradeable through its revolutionary multi-token marketplace.
Critical Milestones
- January 2: Genesis Block & AllBridge Integration
- January 2-6: Partner Infrastructure Deployment
- January 6: Community Token Distribution Begins
- January 7-9: Launchpad KOII sales on Spores & Kommunitas
- January 13: Exchange Trading Commences = Token Listing
About Koii Network
Koii Network has united 100,000+ computers into the world’s largest supercomputer powered by People. Already handling more data daily than most networks process monthly, Koii democratizes access to advanced computing while ensuring fair compensation for infrastructure providers.
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Cryptocurrency
Aptis Analytics Secures $3.8 Million in Series B Funding to Bolster Trusted Cryptocurrency Compliance Solutions
[PRESS RELEASE – London, United Kingdom, January 2nd, 2025]
Aptis Analytics: Empowering Businesses to Build Trust with Regulators and Users
Aptis Analytics, a leader in AML compliance solutions for cryptocurrency, has successfully raised $3.8 million in its latest Series B funding round. This new investment underscores investor confidence in Aptis Analytics’ proven capabilities in crypto compliance, positioning the company to meet growing market demand amid stringent regulations such as the Markets in Crypto-Assets (MiCA) law.
Cutting-Edge Technology to Ensure Full Compliance with MiCA Regulations
This substantial funding will enable Aptis Analytics to accelerate the development of its innovative technology, aimed at helping crypto firms maintain full regulatory compliance with MiCA and global Anti-Money Laundering (AML) requirements. A portion of the investment will be allocated to R&D, ensuring the company stays at the forefront of AML compliance solutions. The funding will also support the expansion of Aptis’ transaction monitoring tools, enabling firms to adapt to evolving AML and transparency requirements efficiently.
“Securing this round of funding reflects our investors’ trust in Aptis Analytics as a leader in crypto compliance technology,” said Eric Levy, CEO of Aptis Analytics. “With its ongoing expansion, Aptis is recognized for its commitment to delivering secure and compliant solutions tailored to the needs of the rapidly evolving crypto landscape.”
Advanced Transaction Monitoring Tools for Enhanced Transparency and AML Compliance
The latest MiCA regulations demand enhanced scrutiny and transparency in crypto transactions, and Aptis Analytics is delivering tools that meet and exceed these standards. Aptis’ compliance suite includes features such as real-time transaction tracking, risk-based scoring, and automated reporting, simplifying AML compliance for cryptocurrency companies.
With this new funding, Aptis Analytics is positioned to continue innovating while setting a high standard in cryptocurrency compliance.
For more information, users can visit https://aptis-analytics.com.
About Aptis Analytics
Aptis Analytics is a pioneering provider of compliance technology solutions for the cryptocurrency industry. Specializing in Anti-Money Laundering (AML) and regulatory compliance, Aptis enables crypto firms to build trust with users and regulators by offering cutting-edge tools that ensure transparency and accountability. The company’s mission is to empower businesses in the rapidly evolving crypto landscape by delivering secure, compliant, and reliable solutions.
Website: https://aptis-analytics.com
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Cryptocurrency
Meme Coins’ Market Dominance Faces Threat from AI Agent Coins
With their explosive gains, meme coins have transformed the fortunes of many investors virtually overnight. However, their dominance in the market is under threat.
According to Dragonfly Capital managing partner Haseeb Qureshi, meme coins will lose market share to “AI agent” coins. Qureshi described this shift as a migration from “financial nihilism to financial over-optimism.”
Rise of AI Agent Tokens
In his recent post on X, Qureshi said that meme coins, known for their reliance on internet culture and speculative appeal, are being overshadowed by AI-themed tokens linked to autonomous systems or chatbots. While these “AI agents” are currently rudimentary and often rely on human intervention so that it doesn’t go “off the rails,” they are attracting attention due to the public’s growing fascination with artificial intelligence.
Qureshi stated that the buzz around AI agent coins comes from their perceived utility and the trend of using AI in different industries. However, he is skeptical about their long-term success, predicting that interest will fade as the novelty wears off and the technological limitations become clearer.
“Right now these chatbots are fascinating to us because they are so novel. It’s like seeing an elephant paint. The first time you see it, you don’t really care that the painting is not very good – it’s spectacular to see. But the 1000th time, the novelty wears thin. I believe that will start to happen as these chatbots plateau.”
By 2026, he expects market sentiment to shift, wherein users would possibly favor human-led projects over AI-driven ones. While AI agent coins may dominate attention in 2025, he warns that their impact could be temporary, driven more by hype than substantive advancements.
AI Meme Coins Surpass $10B Market Cap
On January 2, AI meme coins collectively reached a market value of over $10 billion, as per CoinGecko, as it increased by more than 26% in the past 24 hours alone. During the same period, the trading volumes hit $2.46 billion. ai16z topped the charts with almost a $2.66 billion market cap, while Fartcoin and Zerebro followed suit with $1.3 billion and $770 million in value, respectively.
The growth comes after last month’s slump as December saw an $18% drop in the meme coin sector, with its value falling from a $137 billion high on December 9 to a little over $98 billion at month’s end. Scams and rug pulls were key factors in the $40 billion loss.
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