Bitget has announced the transfer of 440 million of its native BGB tokens to the Morph Foundation, marking a significant move in the company’s approach to onchain payments and consumer finance.
Gracy Chen, Chief Executive Officer of Bitget, said the development signals a new phase for the token. “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.”
Morph will continue to operate under its existing brand and team while focusing on its role as a Layer 2 chain for payments. Its aim is to provide the infrastructure for consumer finance at scale, with integrations planned across wallets, decentralised finance, stablecoins, and global payment providers. BGB will take a central role in this ecosystem, powering settlement and PayFi activities alongside stablecoins. The Morph Foundation, a decentralised non-profit organisation, will oversee BGB’s long-term development and update its burn mechanism to link directly with network activity until the token supply is reduced to 100 million.
Colin Goltra, Chief Executive Officer of Morph, highlighted the alignment of both organisations. “Morph has always had a close relationship with Bitget since its founding. There are projects we have always dreamed of collaborating on, but much of our growth so far has been autonomous. 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 cryptocurrency exchange and Web3 company confirmed that half of the tokens, 220 million BGB, will be burned in a single action, while the remaining 220 million will be locked. The locked tokens will be released gradually at a rate of 2% per month to support liquidity incentives, expand use cases, and fund education programmes.
Through the arrangement, Morph will become the onchain home of BGB and serve as the core settlement layer for more than 120 million users globally. BGB will function as the gas and governance token on the Morph blockchain, which is designed as an EVM Layer 2 focused on payments and onchain consumer finance.
Bitget and Bitget Wallet will integrate their infrastructure into Morph, bringing payment, trading, and ecosystem services directly onto the chain. This includes native support for stablecoin issuers, regional currencies, and global payment providers. Developers working on Morph will also gain access to Bitget’s and Bitget Wallet’s combined user base of more than 120 million people, creating opportunities to scale decentralised payment-focused applications. Morph Rails, the framework supporting the network, will provide backing for hackathons, builder programmes, and project incubation. The aim is to give developers and merchants the foundation to build applications for the next generation of consumer finance.
Karry Cheung, Chief Executive Officer of Bitget Wallet, noted the migration of BGB into Morph’s ecosystem. “BGB has found its home onchain with Morph, marking a new chapter in its journey. We are thrilled to invite millions of users to experience BGB and find utility in entirely new ways. Over the next 12 months, we will see an acceleration of BGB migration onto Morph Layer and deeper partnerships between Morph and Bitget Wallet to enable seamless web3 payments and onchain consumer finance.”
