Cryptocurrency exchange Bitget announced a strategic collaboration with Morph, an EVM-based platform focused on payments and onchain consumer finance, aiming to enhance the utility of BGB across multiple projects.
Under the agreement, Bitget will transfer full control of 440 million BGB tokens to the Morph Foundation. Of this total, 220 million BGB will be permanently burned, while the remaining 220 million will be locked and gradually released at a rate of 2% per month to support liquidity incentives, new use cases, and educational initiatives. Morph will serve as the primary onchain home for BGB and act as the settlement layer for over 120 million users, with BGB functioning as both the gas and governance token of the upgraded high-performance network.
Morph will retain its brand, team, and strategic vision, continuing its focus as a Layer 2 solution dedicated to cryptocurrency payments. The platform seeks to evolve into a next-generation Web3 payment infrastructure, expanding beyond cost and performance efficiency to deliver scalable consumer finance solutions, with integrations spanning wallets, decentralized finance (DeFi) protocols, stablecoins, and global payment providers.
“Morph has always had a close relationship with Bitget since its founding. There are projects we have always dreamed of collaborating on, but much of our growth so far has been autonomous,” said Colin Goltra, CEO of Morph, in a written statement. “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,” he added.
In order to support Morph’s long-term development, Bitget and Bitget Wallet will integrate their full infrastructures into the Morph ecosystem, unifying payment, trading, and related services on the chain. This integration will include native compatibility with stablecoin issuers, local currencies, and international payment providers, providing developers and merchants with a reliable platform for building decentralized payment applications at scale.
Morph Rails will act as the core infrastructure for this expansion, enabling hackathons, developer programs, and direct assistance for emerging projects. Developers leveraging Morph will have access to Bitget’s and Bitget Wallet’s network of over 120 million users, linking their applications to a large onchain audience. With this support, Morph is positioned to serve as a central settlement layer for the next generation of PayFi and consumer finance solutions.
“BGB has found its home onchain with Morph, marking a new chapter in its journey,” said Karry Cheung, CEO of Bitget Wallet, in a written statement. “We are thrilled to invite millions of users to experience BGB and find utility in entirely new ways. 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,” she added.
The post Bitget To Transfer 440M BGB To Morph Foundation, Establishing BGB As Gas And Governance Token On Morph Chain appeared first on Metaverse Post.
