Bitget transfers 440M BGB to Morph Foundation in major Web3 shift
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Crypto exchange Bitget has announced the transfer of 440 million of its BGB tokens to the Morph Foundation, marking a strategic push to position BGB as the gas and governance token of Morph’s blockchain network.
Under the deal, 220 million tokens will be burned immediately, while the rest will be locked and gradually released to fund ecosystem growth.
The move will give Bitget’s 120 million users access to decentralized protocols built on Morph, which is designed as an EVM Layer 2 for payments and onchain consumer finance.
“With this commitment to the Morph Foundation, BGB is entering a new chapter as the gas and governance token of Morph,” said Gracy Chen, CEO of Bitget.
Morph CEO Colin Goltra added that the partnership will make Morph the home of Bitget’s onchain initiatives and support millions of BGB holders worldwide.
Bitget Wallet CEO Karry Cheung noted the collaboration will accelerate BGB’s migration onto Morph and expand its role in Web3 payments.
The Morph Foundation will now oversee BGB’s roadmap, including an updated burn mechanism aimed at reducing supply to 100 million.
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