In a significant development in the cryptocurrency space, the cryptocurrency exchange and Web3 company Bitget announced the transfer of approximately 440 million of its ecosystem token, BGB, to the Morph Foundation. This strategic partnership is expected to enhance the utility of BGB across a variety of projects.
BGB serves as the ecosystem token for both the Bitget exchange and the Bitget Wallet, aimed at creating a straightforward, secure, and accessible cryptocurrency landscape for users globally. The recent move saw 440 million BGB tokens transferred to the Morph Foundation, with 220 million of these tokens being burned in a single transaction. The remaining 220 million BGB tokens will be locked and released at a rate of two percent per month to support liquidity incentives, the expansion of its use cases, and educational initiatives.
This collaboration positions Morph as the native on-chain host for BGB, effectively establishing it as the core settlement layer for Bitget’s extensive user base of over 120 million individuals. Through this partnership, BGB will function as the gas and governance token of an upgraded, high-performance network.
The Morph chain aims to set new standards for on-chain payments, maintaining its brand identity and strategic direction as a Layer 2 Ethereum Virtual Machine (EVM) dedicated to crypto payments. Its vision includes advancing real-world consumer finance at scale by integrating with wallets, decentralized finance (DeFi), stablecoins, and global payment providers.
Gracy Chen, the Chief Executive Officer of Bitget, expressed enthusiasm about the new chapter for BGB, stating that this upgrade will expand the token’s role into an essential utility token for consumer finance on the blockchain. She highlighted its potential to facilitate payments, applications, and broader settlement layers for millions of users worldwide.
Despite the transition to Morph, BGB will continue to engage with existing partners, including exchanges like Bitget, MEXC, and Bitfinex, where it is currently listed. The token will act as a vital medium for Launchpool’s new token mining, fee discounts, and various other functionalities.
The Morph Foundation, as a decentralized non-profit organization, will now oversee BGB’s long-term development roadmap, collaborating with the community to enhance its ecosystem. A revised burn mechanism will be introduced, which will be linked to activities on the Morph network, aiming to lower the total supply of BGB to 100 million.
Colin Goltra, CEO of Morph, noted the ongoing relationship with Bitget and expressed eagerness for the collaboration to support BGB holders globally. The partnership is also focused on building a decentralized ecosystem that promotes the long-term growth of both Morph and Bitget.
Bitget’s infrastructure, including the Bitget Wallet, will be integrated directly into Morph, consolidating services across payments, trading, and ecosystems. This integration will feature native support for stablecoin issuers, regional currencies, and global payment providers, thus offering developers and merchants a robust platform for building decentralized payment applications at scale.
Morph is set to leverage its “Morph Rails” to facilitate significant expansions, including hackathons and builder programs, providing new projects with direct support. Developers building on Morph will gain access to Bitget’s vast user base, thus connecting their applications with one of the largest on-chain communities globally.
As the partnership unfolds, BGB is poised to find new utility in innovative ways on the Morph Layer, with expectations for accelerated migration of BGB tokens and strengthened collaborations between Morph and Bitget Wallet to support seamless Web3 payments and consumer finance.
