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How Bitget’s BGB Became the Best Performing CEX Token in 2022
Although the last year has undoubtedly been a bear market, some cryptocurrency trading platforms made a great job of proving that the success of exchange tokens is closely tied to the success of the platforms they represent. While the year was not entirely successful for the majority of them, Bitget still managed to successfully manoeuvre its way through the wreckage of both the Terra and FTX collapses. BGB token demonstrated positive yearly dynamics, raising the all-time high (ATH) price bar several times last year.
Bitget Token (BGB) — Biggest Winner From FTX Collapse
Source: CoinMarketCap
The BGB token turned out to be the only exchange token that stayed green all year round. The asset posted an unprecedented 136% year-over-year gain, with prices lifted in March and October and reaching its ATH of $0.4 on February 15, 2023.
Bitget massively benefited from the FTX collapse, increasing its share of the crypto derivatives trading market from 3% to 11%, according to the Token Insight report. A Boston Consulting Group report shows that in 2022, Bitget ranked among the top three crypto exchanges in terms of cryptocurrency derivatives trading volume, with a total trading volume growth of more than 300%.
As the Bitcoin options market sees whales opting for bullish strategies and amidst the market volatility in general, the demand for crypto derivatives as an instrument for hedging risks and earning stable profits is higher than ever. Since the second half of 2022, crypto derivatives volume has been growing faster than the spot market.
According to data from CryptoCompare, in January 2023, derivatives trading volume showed a monthly gain of 76% reaching $2.04 trillion, the largest percentage increase since 2021, and currently representing 70% of the entire crypto market.
The exchange’s foray into the spot market has been another contributing factor to the growth in the price of BGB. Bitget added AI (Artificial Intelligence), Arbitrum, and NFT zone listings to its Innovation Zone for early-stage exposure to related tokens. Within a week, 21 assets were listed in the Innovation Zone, while Future (AI) witnessed the biggest gain of 1263%.
Not only that. BGB token has reached its ATH several times over the past year driven by major partnerships, market expansion and the launch of pioneering products such as copy trading. It is noteworthy that in 2022 the token never dipped below the price of 2021, unlike other cryptocurrency exchange coins. In addition, BGB rallied impressively in October, breaking its price record after Bitget announced its partnership with prominent football player Lionel Messi.
The financial and technical stability of the exchange also played a big role in maintaining a stable price of its token throughout the year. Bitget is the only exchange among today’s top five that has never faced hacking attacks. The platform management did not reduce its staff, but indeed increased the number of employees by five times to 1,100 people in January 2023. This allowed the company to minimize the consequences of the market fall and show record financial and quantitative indicators in the new year.
MTN Nigeria Communications PLC has announced that the Nigerian Communications Commission (NCC) has approved the renewal of the spectrum lease agreement between MTN Nigeria and Natcom Development and Investment Limited (NTEL).
Uto Ukpanah, Company Secretary in a statement released recently said that the agreement covers the lease of NTEL’s 5MHz frequency division duplex (FDD) in the 900MHz spectrum band and 10MHz FDD in the 1800MHz spectrum band, which spans 19 states.
The renewal is for another two-year period, effective 1 May 2025. Additionally, the NCC has approved a one-year lease expansion of the spectrums, covering the remaining 17 states and the Federal Capital Territory (FCT), effective 1 January 2025.
Commenting on the transactions, MTN Nigeria CEO Karl Toriola said, “We are pleased with the renewal of the spectrum lease agreement with NTEL, which now includes coverage for all states, including the FCT.
“The lease enables us to enhance our 3G and 4G user experience as we improve coverage and capacity by utilising the spectrums.
“This positions us to capitalise on the growing demand for data and improve the delivery of services to our customers.”
Nigeria’s technology company, Globacom, has extended warm felicitations to Nigerians on the occasion of the 2024 Christmas celebrations.
In a goodwill message released in Lagos, Globacom urged Nigerians to embrace the spirit of love and kindness during the festive season, especially in the face of prevailing economic challenges.
The company emphasized the importance of practicing the teachings of Jesus Christ, particularly the virtues of obedience to God and loving one’s neighbor as well.
“Christ taught many virtues including obedience to God and loving one’s neighbour as oneself”, the company said, adding, “Now is the apt time to practise these teachings by sharing with the needy”.
Globacom also encouraged Nigerians to extend the conviviality of Christmas beyond the festive season by fostering love, peace, and harmony, as demonstrated by God through the birth of Jesus Christ.
Assuring its customers of uninterrupted services throughout the Yuletide period and beyond, Globacom urged them to take advantage of its innovative products and services to stay connected and share the memories of the season with loved ones.
Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have ordered Deposit Money Banks and Mobile Network Operators to settle the long-standing N250bn USSD debt dispute before January 2, 2025.
The CBN and NCC also directed banks to pay the pre-Application Programming Interfaces (API) debt before July 2, 2025.
They also ordered that post-API debts be settled before December 31, 2024.
The directive was issued in a joint cirular titled, “2nd Joint Circular of the Central Bank of Nigeria and the Nigerian Communications Commission on the Resolution of the USSD Debt Issue Between Deposit Money Banks and Mobile Network Operators.”
The circular dated December 20, 2024, was signed by Oladimeji Taiwo, acting director of the Payments System Management Department, CBN, and Chizua Whyte, head of Legal and Regulatory Services, NCC.
The regulators said, “In view of the foregoing, the CBN and the NCC hereby direct DMBs and MNOs as follows: 1. That 60 per cent of all pre-API invoices must be paid as full and final settlement.
“Payment plans (lump sum or installments) must be agreed upon between a concerned DMB and MNO by January 2, 2025. Installments must be based on equal monthly payments, with full payment due by July 2, 2025.
“DMBs must pay 85 per cent of all outstanding invoices issued after the implementation of APIs (i.e., February 2022) by December 31, 2024.
“Similarly, 85 per cent of future invoices must be liquidated within one month of service.”
According to the regulators, the transition to end-user billing will be activated only for DMBs and MNOs that comply with the payment conditions cobtained in the circular.
CBN and the NCC said they would provide further guidance on public enlightenment initiatives related to the transition.
The regulators also directed MNOs to implement the “10-seconds rule” for USSD invoicing.
This implies that any session lasting less than ten seconds will not be billable.
The regulators added, “Failure to comply with the terms outlined in this directive will attract necessary sanctions, ensuring that both DMBs and MNOs uphold their obligations.”
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