- Bitget is set to transfer over $2 billion worth of BGB token to Morph Foundation in a strategic partnership that will establish BGB as the gas and governance token for Morph.
- The partnership will enhance performance, reduce fees, and increase the scalability of Morph’s infrastructure to cater to Bitget’s millions of customers.
Bitget crypto exchange has announced its strategic partnership with Morph Foundation, a decentralized non-profit organization, in which Bitget will transfer 440 million of its native token (BGB) worth over $2 billion to Morph. The collaboration intends to establish BGB as the gas and governance token for Morph while leveraging Morph’s decentralized infrastructure to better serve Bitget’s hundreds of millions of customers.
Bitget to Immerse Its BGB Ecosystem in the Morph Foundation
Bitget, a web3 company and top crypto exchange, has partnered with Morph Foundation, an EVM (Ethereum Virtual Machine) layer built to power decentralized payments and on-chain financial services for consumers. This partnership will require Bitget to transfer its full backing of its native BGB native token to Morph.
Source: Gracy Chen on X
As a result, Bitget will move all the BGB tokens, 440 million, in its coffers to the Morph Foundation. Out of these tokens, 220 million will be burned at once, while the other half will be vested for 50 months and released at the rate of 2 percent monthly for liquidity rewards, utility, and education.
In essence, Morph will take over as the “native on-chain home of BGB,” servicing over 100 million users of the token as its primary settlement layer. Hence, the token will serve for gas and governance in the improved Morph ecosystem.
Expanding Utility and Powering Web3 Payments
As BGB becomes the native token of Morph’s infrastructure, for gas, governance, and payments across the ecosystem, BGB will pair with stablecoins per usual to facilitate all settlements, thus playing a pivotal role in the Morph ecosystem.
“With this commitment to the Morph Foundation, BGB is entering a new chapter as the gas and governance token of Morph,” said Bitget CEO, Gracy Chen.
“This upgrade expands BGB into the utility token for the next era of on-chain consumer finance, powering payments, applications, and the broader settlement layer for millions of users worldwide.”
According to the partnership, the Morph Foundation will now shoulder the responsibility of crafting the future development plan for BGB. Furthermore, it will optimize the token’s burn mechanism to synchronize with Morph network activity to achieve a deflationary arrangement that will ultimately reduce BGB supply to 100 million.
Bitget looks to implement a sweeping improvement on decentralized payments and trading by importing its complete infrastructure into Morph. These utilities will include support for global payment providers, stablecoin issuers, and regional currencies, thus giving developers and business firms a robust and comprehensive base to build solutions for decentralized payments.
“Through this strategic initiative, we are excited for Morph to become the home of Bitget’s on-chain initiatives and to support the millions of BGB holders around the world,” stated Morph CEO Colin Goltra.
Both parties have agreed that BGB will maintain its existing partnerships with other crypto exchanges like Bitfinex, Bitget, and MEXC, where the token is traded. They will also retain their collaborations with other platforms that facilitate launchpools and other vital ecosystem activities.
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