Cryptocurrency exchange and Web3 company Bitget has entered into a strategic partnership with Morph to scale BGB’s utility across a range of projects.
As part of this initiative, Bitget and Morph, the EVM layer for payments and onchain consumer finance, have signed up to increase BGB’s utility, with the former transferring all tokens that it controls, more specifically 440 million in total, to the Morph Foundation.
The agreement’s plans
The deal will see half of this allocation, 220 million BGB, burned in a single action, while the remaining 220 million BGB tokens are set to be locked and released at 2% per month to fund liquidity incentives, use case expansion, and education. Additionally, Morph is set to become the native onchain home of BGB and serve as the settlement layer for over 120 million customers globally.
Within this agreement, the Morph chain is set to maintain its brand, team, and strategic plans, centring its efforts on its positioning as a Layer 2 dedicated to crypto payments and aiming to become an advanced Web3 payment infrastructure, expanding beyond cost efficiency and performance toward real-world consumer finance, with integrations across wallets, DeFi, stablecoins, and global payment providers.
Furthermore, BGB will serve as the primary token of Morph’s blockchain, acting as the governance and payment token across the layer. Settlement and PayFi activity is set to be conducted through BGB together with stablecoins, providing it with a central role in enabling the Morph network. BGB will continue to work with existing partners, including Bitget, MEXC, and Bitfines, where BGB is already listed, and other companies, in addition to these exchanges. Through this, it is set to serve as a medium for Launchpool’s new token mining and fee discounts, among others.
Looking ahead, the Morph Foundation will be responsible for BGB’s long-term development strategy, co-building the ecosystem with the community. The organisation will also update BGB’s burn mechanism to link directly to the Morph network activity until the total supply reaches 100 million. At the same time, to assist in the advancement of Morph, Bitget and Bitget Wallet will offer their full infrastructure directly into Morph, improving payment, trading, and ecosystem services around the chain. Morph Rails is set to act as the pillar of this expansion, supporting hackathons, builder programmes, and direct assistance for new projects.
