Leading cryptocurrency exchange Bitget is undertaking a major strategic collaboration with its ecosystem project, Morph, to enhance the utility of its native token, BGB. In a significant move, Bitget will transfer all 440 million BGB tokens it controls to the Morph Foundation, positioning BGB to become the gas and governance token for the Morph chain, a Layer 2 network focused on payments and onchain consumer finance.
This partnership will see half of the transferred tokens, 220 million BGB, burned immediately. The remaining 220 million BGB will be locked and released gradually at a rate of 2% per month to support ecosystem growth through liquidity incentives, use case expansion, and education initiatives. The Morph Foundation, a decentralized non-profit, will take sole responsibility for the long-term development roadmap of BGB.
Gracy Chen, CEO of Bitget, stated, “With this commitment to the Morph Foundation, BGB is entering a new chapter as the gas and governance token of Morph. This upgrade expands BGB into the utility token for the next era of onchain consumer finance, powering payments, applications, and the broader settlement layer for millions of users worldwide”.
A New Onchain Home for BGB
Under this new structure, BGB will be the primary token of the Morph blockchain, serving as its gas, governance, and payment token. The Morph Foundation will oversee BGB’s role in powering payments and utility across the network. The foundation will also implement a new burn mechanism for BGB, directly linking it to network activity on Morph until the total supply is reduced to 100 million.
Morph will continue its focus on becoming a next-generation Web3 payment infrastructure, aiming to scale real-world consumer finance. The chain will undergo major technical upgrades to its infrastructure to deliver higher performance and lower fees.
“Morph has always had a close relationship with Bitget since its founding,” said Colin Goltra, CEO of Morph. “Through this strategic initiative, we are excited for Morph to become the home of Bitget’s onchain initiatives and to support the millions of BGB holders around the world”.
Expanding the Decentralized Ecosystem
The collaboration aims to create a robust ecosystem for developers and users. Bitget and Bitget Wallet will integrate their infrastructures with Morph, consolidating trading, payment, and other services around the chain. Developers building on Morph will gain access to Bitget’s and Bitget Wallet’s combined user base of over 120 million, providing a massive onchain audience for their applications.
This integration is expected to benefit users by giving them direct access to innovative decentralized protocols built on Morph, all fueled by BGB.
“BGB has found its home onchain with Morph, marking a new chapter in its journey,” commented Karry Cheung, CEO of Bitget Wallet. “Over the next 12 months, we will see an acceleration of BGB migration onto Morph Layer and deeper partnerships between Morph and Bitget Wallet to enable seamless web3 payments and onchain consumer finance”.
While this partnership enhances BGB’s utility, the token will continue to collaborate with existing partners like MEXC and Bitfinex for Launchpool token mining, fee discounts, and more.
About Bitget Established in 2018, Bitget is a leading global cryptocurrency exchange and Web3 company serving over 120 million users across more than 150 countries. The exchange is known for its pioneering copy trading feature.
About Bitget Wallet Bitget Wallet is a non-custodial crypto wallet supporting over 130 blockchains. It provides a full suite of services, including swaps, staking, DApp exploration, and payment solutions to its more than 80 million users.
About Morph Morph is a Layer 2 network designed for onchain consumer finance. Its infrastructure, including Morph Pay and Morph Rails, powers services across payments, savings, identity, and rewards.
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