Morph, an Ethereum Layer 2 network focused on facilitating on-chain payments and consumer finance, is set to become the official on-chain home for Bitget’s native token, BGB. This transition comes as a result of a significant transfer initiative from Bitget, a leading cryptocurrency exchange.
Bitget has announced the transfer of all 440 million BGB tokens under its control to the Morph Foundation. This move positions BGB as the primary gas and governance token for the Morph blockchain. Gracy Chen, the CEO of Bitget, expressed enthusiasm regarding this transition, stating that BGB is entering a transformative phase. She emphasized that this new role for BGB will enhance its utility, allowing it to power payments, applications, and serve as a settlement layer for millions of users globally.
As Morph operates independently, the team will strategically focus on building a robust decentralized payment infrastructure that incorporates wallets, decentralized finance (DeFi), stablecoins, and partnerships with global payment providers.
In terms of future strategy for BGB, half of the transferred tokens are slated for immediate burning, while the remaining half will be locked and released gradually at a rate of 2% per month. This careful management is designed to fund liquidity incentives, ecosystem expansion, and educational initiatives. The Morph Foundation, as a decentralized non-profit entity, will oversee BGB’s long-term roadmap and adjust its burn mechanism in alignment with network activity until the total supply is reduced to 100 million.
Karry Cheung, CEO of Bitget Wallet, commented on the development, indicating optimism about the migration of BGB onto the Morph Layer and the collaborative partnerships anticipated between Morph and Bitget Wallet. He aims to create seamless web3 payment solutions and enhance on-chain consumer finance experiences.
Looking towards the future, Bitget and Bitget Wallet plan to integrate their infrastructures directly into Morph. This synergy will support stablecoins, local currencies, and various global payment solutions. Furthermore, developers leveraging the Morph platform will have access to Bitget’s significant user base, fostering an environment conducive to the development of PayFi and consumer finance applications.
Morph has been dedicated to enhancing blockchain usability in everyday applications, particularly in payments and consumer finance. With a decentralized sequencer and optimistic zkEVM, the network aims to provide quick, cost-effective, and secure transactions while remaining aligned with Ethereum’s infrastructure.
In administrative changes, Colin Goltra was appointed as the new CEO of Morph in June 2025, taking over from co-founder Cecilia Hsueh who played a crucial role in the project’s launch and development. Hsueh will continue to contribute as an advisor.
BGB serves as the native utility token for Bitget, designed to facilitate trading, offer fee discounts, support staking, and enable governance on the platform. Originally launched as an ERC-20 token with a maximum supply of two billion, BGB has transitioned beyond mere exchange incentives to play a pivotal role in decentralized finance and broader payment solutions.
At TOKEN2049 Dubai, the significance and momentum of BGB were highlighted, showing growth in market capitalization and adoption. Prior to this announcement, Bitget had executed the burning of 30 million BGB, an action reflecting its commitment to reducing total supply.
This pivotal transfer of BGB aligns with ongoing developments in the cryptocurrency landscape, marking a notable shift toward integrating enhanced on-chain capabilities and decentralized consumer finance solutions.
