BitKeep, now known as Bitget Wallet, will issue its own native coin after receiving a $30 million investment at a $300 million valuation from the eponymous exchange last year.

According to the airdrop plan announced on March 18, the overall supply of BWB is 1 billion, with 5% allocated to users that store digital assets in Bitget Wallet or conduct in-app swap operations. The airdrop will include a six-week points reward system that can be converted to BWB tokens in the second quarter after the initial exchange launch. In addition, anyone who got rewards from the BitKeep wallet previous to its rebranding last year can convert them to BWB at a 6:10 ratio in Q2.

“We find it significant that BWB acts as a key to unlocking unique advantages for its holders, providing them with a say in community governance, entry to ecosystem airdrops, and a dividend in the rewards,” Bitget Wallet’s chief operating officer, Alvin Kan, stated. Users said they couldn’t claim their BWB after the wallet’s servers encountered a service overload shortly after the announcement. The statement “Our team is working hard to repair it, and the issue will be resolved soon” has now been clarified by Bitget Wallet.

Currently, the wallet is one of the most popular in Asia-Pacific, with over 19 million users, and its in-wallet swap capability supports about 40 blockchains. The move follows in the footsteps of Trust Wallet, which issued its own native token after being acquired by cryptocurrency exchange Binance in 2018. Since its debut in 2020, the TWT token has returned 19,599% and has a diluted market capitalization of $1.3 billion. According to reports, the wallet has more than 80 million active users.

BitKeep changed its name to Bitget Wallet in August 2023 after being acquired by the latter exchange for a controlling share. At the time, Moka Han, the wallet’s then-COO, announced that the wallet has obtained relationships with Banxa, Simplex, Alchemy Pay, MoonPay, and FaTPay to allow users to purchase cryptocurrency within the wallet using credit cards, Google Pay, and Apple Pay.