Author: Asianet Pakistan

Bitget Token (BGB) Burn Model Updated with First Quarterly Burn Exceeding 30 Million Tokens

Bitget Token (BGB) Burn Model Updated with First Quarterly Burn Exceeding 30 Million Tokens

VICTORIA, Seychelles, April 09, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has announced a significant update to the burn mechanism of Bitget Token (BGB). This enhancement introduces a utility-based model that ties BGB’s quarterly burn amount to its on-chain usage, signifying the token’s evolution towards higher transparency, compliance, and sustainable token value.

To better reflect the growing integration of BGB across centralized and decentralized ecosystems, the new burn mechanism links quarterly burn volumes to the amount of BGB used for on-chain gas fees through Bitget Wallet’s GetGas accounts. By anchoring the burn to real usage, the model facilitates BGB’s transformation as a key asset within Web3 and real-world applications. The burn formula accounts for BGB’s usage as gas fees, quarterly average price, and predefined constants to ensure a dynamic and verifiable process.

The first quarterly burn under this new mechanism has now been calculated. In Q1 2025, 6,943.63 BGB were topped up in Bitget Wallet’s GetGas accounts for on-chain gas fee usage. Based on the new formula, a total of 30,006,905 BGB will be burnt in this quarter. All data related to the burn — including transaction records and wallet addresses — are publicly accessible on-chain to ensure full transparency.

“BGB is becoming a vital bridge between centralized and decentralized ecosystems. By linking its burn mechanism to actual on-chain utility, BGB’s quarterly burn amount can evolve with real usage. This update incentivizes adoption and enables transparent and sustainable tokenomics,” said Gracy Chen, CEO of Bitget. “As BGB continues to expand its role in on-chain ecosystems, a more sustainable burn mechanism can be expected.”

Bitget Token (BGB) is the utility token that fuels the entire Bitget ecosystem, spanning both its centralized exchange and decentralized wallet. BGB can be staked to earn passive income or qualify for popular token airdrops via Launchpool and PoolX. It also unlocks early access to high-potential Web3 projects through Launchpad and LaunchX. On-chain, BGB is used to cover multi-chain gas fees in Bitget Wallet. Holding BGB grants users exclusive perks such as VIP-level upgrades and profit-sharing opportunities for elite traders. More than just a token, BGB is a gateway for users to engage with, influence, and grow alongside the Bitget ecosystem.

Earlier this year, the BGB ecosystem was strengthened by permanently burning 800 million team-held tokens, representing 40% of the total supply. Following this burn in January 2025, the total supply was reduced to 1.2 billion, with 100% now in circulation.

Launched in July 2021 at an initial price of 0.0585 USDT, BGB reached an all-time high of 8.5 USDT in December 2024 — delivering over 100x in cumulative gains. According to CoinMarketCap, it now ranks among the top three CEX native tokens by market cap and is listed as a top 30 crypto asset.

For more information about the BGB burn, visit this link.

About Bitget

Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 100 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 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, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

For media inquiries, please contact: [email protected]

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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/081df246-71da-4680-a026-fe10467ba259

GlobeNewswire Distribution ID 1001079181

DHAKA, BANGLADESH – Media OutReach Newswire – 9 April 2025 – ShopUp, Bangladesh’s largest B2B commerce platform, and Sary, the leading B2B marketplace and services platform in the Gulf, have merged to form SILQ Group. This merger brings together Gulf & Emerging Asia, creating the largest B2B commerce platform to serve the fastest-growing consumer markets in the region, and across the globe. The merger is backed by a $110 million funding led by Sanabil Investments, a wholly owned company by Saudi Arabia’s Public Investment Fund (PIF) and Peter Thiel’s Valar Ventures. This funding includes an equity investment and financing facility for SILQ Financial, the group’s financial services arm.

Together, ShopUp and Sary have served over 600,000 retailers, hotels, restaurants, cafes, and wholesalers, impacting tens of millions of customers in mom-and-pop shop communities since inception. To date, the combined network has made over $5 billion in transactions on their platforms and exceeded $750 million in embedded financing disbursements. Furthermore, the companies have facilitated a total of 100 million shipments. This will establish SILQ as the platform of choice that enables businesses to grow by increasing their efficiency through a combination of financial tools, logistic services, and commerce features.

Post-merger, both ShopUp and Sary brands will continue to operate in their respective geographies under their respective brand names, while leveraging SILQ’s infrastructure and combined capabilities. The group will also establish SILQ Financial as its financing arm. It will be creating financial infrastructure, doubling down on the embedded financing scale of both markets and the Point-of-Sales (POS) business.

ShopUp’s Founder & CEO, Afeef Zaman, will serve as SILQ Group CEO, while Sary’s Founder & CEO, Mohammed Aldossary will lead SILQ Financial as CEO.

“Through this merger, we’re entering what’s set to become one of the world’s largest trade corridors—projected to reach $682 billion. We’re in the front seat to serve some of the most exciting, fast-growing economies that are set to shape global consumption in the coming decades, giving them greater access to products from around the world.”, said Afeef Zaman, CEO of SILQ Group.

“By merging our strengths, we’re not just expanding our reach – we’re revolutionizing how digital commerce serves Gulf’s merchants and South Asia manufacturers. This alliance brings together the best of both worlds: deep regional expertise and world-class technology to empower every business in our ecosystem where financial services are a cornerstone,” said Mohammed Aldossary, CEO of SILQ Financial.

“SILQ is poised to become a leading B2B commerce player both regionally and globally. It addresses numerous challenges faced by B2B businesses seeking a fully integrated platform that combines financial, logistics and commerce services. This merger will enhance SILQ’s depth, expertise and scale. We remain committed to supporting the company’s leadership to ensure this merger benefits all stakeholders,” said a spokesperson at Sanabil Investments.

“Saudi Arabia and the Gulf represent one of the most exciting economic stories in the world today. This merger reflects a bold vision to place these markets at the center of a new commercial ecosystem connecting with South Asia. With a leadership team that has consistently demonstrated courage and foresight, SILQ has the potential to define this category through ambition that matches the regions it serves,” said James Fitzgerald, Founding Partner at Valar Ventures.

SILQ is backed by renowned investors, including Sanabil Investments, a wholly owned company by Saudi Arabia’s Public Investment Fund (PIF), Peter Thiel’s Valar Ventures, Flourish Ventures, VSQ, MSA Capital, Rocketship VC, STV, Wafra Investment (owned by Kuwait PIFSS), Peak XV, Prosus, Tiger Global, Endeavor Catalyst, and Raed Ventures. This round will also see participation from new investors like Qatar Government owned Qatar Development Bank. SILQ is set to establish a strong presence in Qatar to extend its offering to SMEs in Qatar.
About ShopUp

ShopUp is a B2B commerce company that connects mills, brands, and manufacturers to small neighborhood shops, creating a seamless distribution for food & essentials. Currently, millions of people in Bangladesh access food and essentials through ShopUp’s network of small shops.

For more information on ShopUp, visit: https://shopup.org/

LinkedIn: https://www.linkedin.com/company/shopfront-limited/
Facebook: https://www.facebook.com/ShopUpNow

About Sary

Sary is the leading B2B marketplace and services platform in the Gulf that connects small businesses with manufacturers and lenders to procure supplies efficiently.

For more information on Sary, visit: https://www.sary.com/en/

LinkedIn: https://www.linkedin.com/company/trysary/

About SILQ

SILQ is a platform dedicated to bridging economies and empowering businesses to trade, grow, and navigate new frontiers. By enabling seamless commerce, logistics, and finance, SILQ unlocks opportunities in emerging economies, fueling ambitions and redefining global trade.

For more information on SILQ, visit: https://www.SILQ.net/

About Sanabil Investments

Sanabil is a financial investment company, wholly owned by the Public Investment Fund (PIF) that commits more than USD 3 billion in capital per annum into global private investments that include VC/Growth. Sanabil is a dynamic, nimble, and highly experienced team of investment professionals. Sanabil provides partners with patient capital, the ability to invest across multiple funding rounds, and access to the region. At Sanabil, we invest in great ideas, great minds, and great companies.

About Valar

Valar Ventures is a venture capital fund based in the United States, founded by Andrew McCormack, James Fitzgerald and Peter Thiel. The firm seeks out exceptionally talented teams and invests globally in high-margin, fast-growing financial technology companies that are pursuing huge market opportunities, such as Xero, Wise (formerly TransferWise), N26, Bitpanda, Qonto, Bestow, Octane and Moss. Valar expects to follow-on significantly as the business scales.

For more information visit- https://valar.com/

DHAKA, BANGLADESH – Media OutReach Newswire – 9 April 2025 – ShopUp, Bangladesh’s largest B2B commerce platform, and Sary, the leading B2B marketplace and services platform in the Gulf, have merged to form SILQ Group. This merger brings together Gulf & Emerging Asia, creating the largest B2B commerce platform to serve the fastest-growing consumer markets in the region, and across the globe. The merger is backed by a $110 million funding led by Sanabil Investments, a wholly owned company by Saudi Arabia’s Public Investment Fund (PIF) and Peter Thiel’s Valar Ventures. This funding includes an equity investment and financing facility for SILQ Financial, the group’s financial services arm.

Together, ShopUp and Sary have served over 600,000 retailers, hotels, restaurants, cafes, and wholesalers, impacting tens of millions of customers in mom-and-pop shop communities since inception. To date, the combined network has made over $5 billion in transactions on their platforms and exceeded $750 million in embedded financing disbursements. Furthermore, the companies have facilitated a total of 100 million shipments. This will establish SILQ as the platform of choice that enables businesses to grow by increasing their efficiency through a combination of financial tools, logistic services, and commerce features.

Post-merger, both ShopUp and Sary brands will continue to operate in their respective geographies under their respective brand names, while leveraging SILQ’s infrastructure and combined capabilities. The group will also establish SILQ Financial as its financing arm. It will be creating financial infrastructure, doubling down on the embedded financing scale of both markets and the Point-of-Sales (POS) business.

ShopUp’s Founder & CEO, Afeef Zaman, will serve as SILQ Group CEO, while Sary’s Founder & CEO, Mohammed Aldossary will lead SILQ Financial as CEO.

“Through this merger, we’re entering what’s set to become one of the world’s largest trade corridors—projected to reach $682 billion. We’re in the front seat to serve some of the most exciting, fast-growing economies that are set to shape global consumption in the coming decades, giving them greater access to products from around the world.”, said Afeef Zaman, CEO of SILQ Group.

“By merging our strengths, we’re not just expanding our reach – we’re revolutionizing how digital commerce serves Gulf’s merchants and South Asia manufacturers. This alliance brings together the best of both worlds: deep regional expertise and world-class technology to empower every business in our ecosystem where financial services are a cornerstone,” said Mohammed Aldossary, CEO of SILQ Financial.

“SILQ is poised to become a leading B2B commerce player both regionally and globally. It addresses numerous challenges faced by B2B businesses seeking a fully integrated platform that combines financial, logistics and commerce services. This merger will enhance SILQ’s depth, expertise and scale. We remain committed to supporting the company’s leadership to ensure this merger benefits all stakeholders,” said a spokesperson at Sanabil Investments.

“Saudi Arabia and the Gulf represent one of the most exciting economic stories in the world today. This merger reflects a bold vision to place these markets at the center of a new commercial ecosystem connecting with South Asia. With a leadership team that has consistently demonstrated courage and foresight, SILQ has the potential to define this category through ambition that matches the regions it serves,” said James Fitzgerald, Founding Partner at Valar Ventures.

SILQ is backed by renowned investors, including Sanabil Investments, a wholly owned company by Saudi Arabia’s Public Investment Fund (PIF), Peter Thiel’s Valar Ventures, Flourish Ventures, VSQ, MSA Capital, Rocketship VC, STV, Wafra Investment (owned by Kuwait PIFSS), Peak XV, Prosus, Tiger Global, Endeavor Catalyst, and Raed Ventures. This round will also see participation from new investors like Qatar Government owned Qatar Development Bank. SILQ is set to establish a strong presence in Qatar to extend its offering to SMEs in Qatar.
About ShopUp

ShopUp is a B2B commerce company that connects mills, brands, and manufacturers to small neighborhood shops, creating a seamless distribution for food & essentials. Currently, millions of people in Bangladesh access food and essentials through ShopUp’s network of small shops.

For more information on ShopUp, visit: https://shopup.org/

LinkedIn: https://www.linkedin.com/company/shopfront-limited/
Facebook: https://www.facebook.com/ShopUpNow

About Sary

Sary is the leading B2B marketplace and services platform in the Gulf that connects small businesses with manufacturers and lenders to procure supplies efficiently.

For more information on Sary, visit: https://www.sary.com/en/

LinkedIn: https://www.linkedin.com/company/trysary/

About SILQ

SILQ is a platform dedicated to bridging economies and empowering businesses to trade, grow, and navigate new frontiers. By enabling seamless commerce, logistics, and finance, SILQ unlocks opportunities in emerging economies, fueling ambitions and redefining global trade.

For more information on SILQ, visit: https://www.SILQ.net/

About Sanabil Investments

Sanabil is a financial investment company, wholly owned by the Public Investment Fund (PIF) that commits more than USD 3 billion in capital per annum into global private investments that include VC/Growth. Sanabil is a dynamic, nimble, and highly experienced team of investment professionals. Sanabil provides partners with patient capital, the ability to invest across multiple funding rounds, and access to the region. At Sanabil, we invest in great ideas, great minds, and great companies.

About Valar

Valar Ventures is a venture capital fund based in the United States, founded by Andrew McCormack, James Fitzgerald and Peter Thiel. The firm seeks out exceptionally talented teams and invests globally in high-margin, fast-growing financial technology companies that are pursuing huge market opportunities, such as Xero, Wise (formerly TransferWise), N26, Bitpanda, Qonto, Bestow, Octane and Moss. Valar expects to follow-on significantly as the business scales.

For more information visit- https://valar.com/

The beneficiaries of this new Inditex scholarship program, aimed at promoting professional development at the Asian University for Women, will be selected from the workers of Inditex’s partner suppliers in the country

ARTEIXO, SPAIN – Media OutReach Newswire – 9 April 2025 – Inditex and the Asian University for Women have launched a new scholarship program to support the academic training of female textile factory workers in Bangladesh. Inditex will allocate €3.75 million to fund this initiative, enabling 50 women to access pre-university and university education over the next five years, providing them with new opportunities for personal and professional growth.

Access to higher education for women remains a critical issue in Bangladesh, where female university enrollment is increasing at a slower rate than that of men. In this context, AUW is dedicated to empowering women from all backgrounds, equipping them with the skills to become more qualified professionals, leaders in their communities and workplaces, and advocates for economic and cultural development.

“At Inditex, we believe that empowering women through education is one of the most effective ways to drive lasting and meaningful change in these communities. Through this scholarship program, we are investing in the future of female workers—the backbone of our supply chain—by providing them with the tools to unlock new opportunities and foster progress within their communities,” said Inditex CEO Óscar García Maceiras.

“At a time when uncertainty in global affairs has reached a new height, the partnership between Inditex and the Asian University for Women reminds us of what really matters — the weakest in our society must get the opportunities to rise above the circumstances that circumscribe the possibilities in their life.  As the first one in my family to enter university, I know how powerful higher education can be in opening doors that otherwise remain unimaginable.  I commend Inditex for this far-reaching commitment that will help deepen AUW’s ability to identify talent where few others see them and nurture them so that they too can contribute in the making of a better future for themselves and the world”, Cherie Blair, Chancellor of the Asian University for Women.

Set to launch in the upcoming academic year, this initiative will enable 50 female textile workers in Bangladesh to cover their tuition, accommodation, and living expenses for five years. The selection process will begin in the coming weeks and will take place at Inditex’s supply chain factories in the country. As part of the process, AUW will conduct informational sessions, selection interviews, and admission tests at participating factories for all interested workers.

The beneficiaries of this new Inditex scholarship program, aimed at promoting professional development at the Asian University for Women, will be selected from the workers of Inditex’s partner suppliers in the country

ARTEIXO, SPAIN – Media OutReach Newswire – 9 April 2025 – Inditex and the Asian University for Women have launched a new scholarship program to support the academic training of female textile factory workers in Bangladesh. Inditex will allocate €3.75 million to fund this initiative, enabling 50 women to access pre-university and university education over the next five years, providing them with new opportunities for personal and professional growth.

Access to higher education for women remains a critical issue in Bangladesh, where female university enrollment is increasing at a slower rate than that of men. In this context, AUW is dedicated to empowering women from all backgrounds, equipping them with the skills to become more qualified professionals, leaders in their communities and workplaces, and advocates for economic and cultural development.

“At Inditex, we believe that empowering women through education is one of the most effective ways to drive lasting and meaningful change in these communities. Through this scholarship program, we are investing in the future of female workers—the backbone of our supply chain—by providing them with the tools to unlock new opportunities and foster progress within their communities,” said Inditex CEO Óscar García Maceiras.

“At a time when uncertainty in global affairs has reached a new height, the partnership between Inditex and the Asian University for Women reminds us of what really matters — the weakest in our society must get the opportunities to rise above the circumstances that circumscribe the possibilities in their life.  As the first one in my family to enter university, I know how powerful higher education can be in opening doors that otherwise remain unimaginable.  I commend Inditex for this far-reaching commitment that will help deepen AUW’s ability to identify talent where few others see them and nurture them so that they too can contribute in the making of a better future for themselves and the world”, Cherie Blair, Chancellor of the Asian University for Women.

Set to launch in the upcoming academic year, this initiative will enable 50 female textile workers in Bangladesh to cover their tuition, accommodation, and living expenses for five years. The selection process will begin in the coming weeks and will take place at Inditex’s supply chain factories in the country. As part of the process, AUW will conduct informational sessions, selection interviews, and admission tests at participating factories for all interested workers.