Bitget Migrates 440M $BGB Token to Morph to Power Onchain Finance

Morph, the EVM-based Layer 2 for payments and consumer finance on-chain, has announced its exciting partnership with Bitget. The platform is entering a new strategic era to redefine the development of the landscape of Web3 payments . Through this alliance, Bitget’s native token, $BGB, is labelled as the governance and gas token of Morph.

With this, the collaboration aims to empower more than 120 million users worldwide by reshaping the future of decentralized payments. Morph has announced the partnership news through its official X account. Its ally, Bitget, is a global cryptocurrency exchange and trading platform.

Morph Redefines its Settlement Layer with $BGB Migration

Bitget transfers all of its 440 million $BGB tokens to the Morph Foundation, making the primary purpose of the partnership. The 220 million tokens have been permanently burned from the allocated tokens. The platform decides to lock and gradually release the remaining 220 tokens. The tokens will be funded per month at the rate of 2% to incentivize liquidity, use case expansion, and education or ecosystem development.

Through groundbreaking advancement, the partnership aims to set $BGB across Morph as a token of governance, primary gas, and payment. This initiative strives to enhance DeFi interactions, settlements, and real-world PayFi applications.

This collaboration further allows Morph to undergo major technical developments, offering higher scalability and lower transaction fees. The platform is further set for effortless integrations with wallets, stablecoins, and global payment providers. Morph transforms into an on-chain home for BGB to solidify its reputation as a scaled, premier settlement layer for consumer finance.

Morph Joins Hands with Bitget Wallet to Accelerate Utility and Adoption

Bitget and Bitget Wallet leverage this collaboration to onboard their combined 120 million users to the Morph ecosystem . This initiative is set to empower developers by offering them the largest on-chain audience in the world. This development will pave the way for dApps focusing on payments, stablecoin issuers, and merchants. It will further drive unprecedented growth in decentralized consumer finance.

This strategic move redefines the organizations as leader from both companies mark their words. Gracy Chen, CEO of Bitget, highlights the significance of this advancement, stating, “With this commitment to the Morph Foundation, BGB is entering a new chapter as the gas and governance token of Morph. This upgrade expands BGB into the utility token for the next era of onchain consumer finance, powering payments, applications, and the broader settlement layer for millions of users worldwide.”

The CEO of Morph, Colin Goltra, echoes the statement by saying, “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.” The Morph ecosystem embarks on a new journey to reshape decentralized payments. The platform blends scalability, accessibility, and utility to set new standards for onchain finance.