Bitget Transfers 440 Million BGB to Morph Foundation, Driving Up BGB for Use as Gas and Governance Token on Morph Chain
In a significant move, the leading non-custodial crypto wallet, Bitget Wallet, has transferred 440 million BGB tokens to the Morph Foundation on August 28, 2023. This transfer marks the beginning of a strategic partnership aimed at revolutionizing onchain consumer finance.
Morph, a next-generation Layer 2 solution, is designed to power services across payments, savings, identity, and rewards. With this partnership, Morph is poised to become the settlement hub for the next generation of PayFi and consumer finance.
The transferred BGB tokens will serve as the primary token of Morph's blockchain, acting as the gas, governance, and payment token across the layer. BGB will fuel innovative decentralized protocols built on Morph, providing direct access to Bitget Wallet's vast user base of over 120 million users in 150+ countries and regions.
Bitget Wallet offers multi-chain trading, staking, payments, and direct access to 20,000+ DApps. The wallet's CEO, Karry Cheung, has announced an acceleration of BGB migration onto the Morph Layer over the next 12 months.
The Morph Foundation will be solely responsible for BGB's long-term development roadmap, co-building the ecosystem with the community. Developers building on Morph will gain access to Bitget's and Bitget Wallet's user base, connecting their applications with one of the largest onchain audiences in the world.
Morph Rails will serve as the backbone of expansion, powering hackathons, builder programs, and direct support for new projects. This partnership will enable seamless web3 payments and onchain consumer finance, making transactions more accessible and efficient for users worldwide.
Bitget has made a mark in the crypto world, not just as a wallet provider, but also as a partner. It is the Official Crypto Partner of the World's Top Football League, LALIGA, in EASTERN, SEA and LATAM markets. Bitget is also the exclusive cryptocurrency exchange partner of MotoGPTM, one of the world's most thrilling championships.
Moreover, Bitget has joined hands with UNICEF to support blockchain education for 1.1 million people by 2027. This commitment to education underscores Bitget's role as a pioneer in the crypto space, fostering a more informed and inclusive digital economy.
As part of the partnership, 220 million BGB tokens will be burned immediately, and the remaining 220 million will be locked with a gradual release. This move is intended to increase the scarcity of BGB, potentially driving its value and utility within the Morph ecosystem.
In conclusion, the transfer of 440 million BGB tokens from Bitget to the Morph Foundation signifies a significant step towards the realization of a next-generation consumer finance layer. As the partnership between Bitget Wallet and Morph deepens, users can expect a more seamless, efficient, and accessible web3 payments and consumer finance experience.
