Bitget, a prominent cryptocurrency exchange and Web3 company, has announced a strategic collaboration with the Morph Foundation, a project focused on facilitating EVM layer payments and onchain consumer finance. This partnership aims to enhance the utility of Bitget’s native token, BGB, across a variety of projects.
As part of this collaboration, Bitget will transfer a total of 440 million BGB tokens to the Morph Foundation. Of this allocation, 220 million BGB will be burned in an immediate action, while the remaining 220 million will be locked for gradual release at a rate of 2% per month. This strategy is intended to support liquidity incentives, broaden use cases, and provide educational resources. With this transition, Morph will become the native onchain home for BGB, establishing it as an essential gas and governance token within a high-performance network that caters to over 120 million users globally.
Morph is dedicated to positioning itself as a Layer 2 solution for crypto payments and aims to build next-generation Web3 payment infrastructure. The focus will extend beyond simple cost efficiency and performance metrics, pushing towards practical applications in consumer finance, with capabilities to integrate with wallets, decentralized finance (DeFi), stablecoins, and other global payment frameworks.
Gracy Chen, CEO of Bitget, expressed enthusiasm about this strategic commitment to the Morph Foundation, stating that this transformative move expands BGB into a utility token, suited for the evolving landscape of onchain consumer finance.
Under this new alliance, BGB will function as the primary token on the Morph blockchain, acting as the gas, governance, and payment token across the network. This integration of BGB alongside stablecoins will play a critical role in facilitating transaction settlements and PayFi activities within the Morph ecosystem. Bitget will continue to engage with various partners, including exchanges like MEXC and Bitfinex, among others, to leverage BGB’s role in new token mining initiatives and offer fee discounts.
The Morph Foundation, recognized as a decentralized non-profit organization, will take charge of BGB’s long-term development strategy. This includes the introduction of a revised burn mechanism directly linked to Morph network activities, targeting a total supply reduction to 100 million BGB tokens.
Colin Goltra, CEO of Morph, highlighted the longstanding relationship between Bitget and Morph, noting that this collaboration represents a significant step towards shared aspirations that had previously been autonomous. The partnership positions Morph as the primary base for Bitget’s onchain projects, reinforcing support for BGB holders worldwide.
To ensure the sustained growth of Morph, Bitget, along with Bitget Wallet, will integrate their full infrastructures into the Morph ecosystem, thereby optimizing services around payment, trading, and community engagement. This strategy encompasses support for stablecoin issuers and global payment providers, creating a robust foundation for the development of decentralized payment applications.
Morph Rails will underpin this expansion, facilitating initiatives such as hackathons and builder programs aimed at supporting emerging projects. Developers will be able to access a user base exceeding 120 million, enhancing connections with one of the largest onchain audiences available.
Karry Cheung, CEO of Bitget Wallet, expressed optimism about the opportunities this migration holds for BGB, indicating that the next 12 months will usher in a wave of new applications and partnerships, aimed at simplifying web3 payments and consumer finance.
Bitget, established in 2018, serves over 120 million users across more than 150 countries. It offers innovative trading features, including copy trading and multi-chain crypto wallet services, while also promoting blockchain education through its collaborations and sponsorships in various sectors like sports and global outreach initiatives.
For further information about Bitget and its offerings, users are encouraged to visit their official website and social media platforms.
