On October 23, the Bgogo exchange team announced new Bgogo Trading (BGT) index token, for quantitative trading in the secondary market. BGT will consist of a mixed package of digital assets exclusively selected by a professional team specializing in trading operations on the secondary market.
“BGT gives users access to the benefits of professional trading strategies with ease, convenience, and limited personal digital asset investment”, – writes the team.
The total supply of BGT will be 12 million BGT. During Genesis Mining, 10 million BGT will be available to users. The remaining 2 million BGT will be purchased by the BGT team at the Genesis Mining price. 1 BGT will cost 0,0001 ETH.
The announcement reads that the Bgogo platform will make the BGT/ETH trading pair accessible after BGT Genesis Mining. No transaction fees will be charged this trading pair and there will be no lock-up for users. The BGT team will be subject to a 3 month lock-up period.
The ETH proceeds from Genesis Mining will be utilized for the secondary market digital asset trading package. All of the proceeds (100%) will be used to buy back and burn BGT on a monthly basis. The burn address will be made public.
The total amount of BGT available to users during the Genesis Mining event will be 1,000 ETH (10 million BGT). In order to assess the average BGG holding positions, a daily snapshot of every Bgogo user account will be taken from 8 AM EST, October 25th to 8 AM EST, October 31st. This excludes private sale investors.
All users holding BGG are eligible to participate in BGT Genesis Mining.
According to the announcement, the official whitelist for BGT Genesis Mining will be posted and the Bgogo website at 8 AM EST, October 31st. The official Genesis Mining event will begin at 8 AM EST, November 1st and end at 8 AM EST, November 2nd. Once the Genesis Mining event has concluded, the BGT/ETH trading pair will be made available on the Bgogo Exchange.