Kayode Tokede 

Bitget, the leading cryptocurrency exchange and Web3 company, is excited to share its strategic collaboration with its trusted ecosystem project Morph, the EVM layer for payments and onchain consumer finance. The duo has signed up to boost BGB’s utility across a multitude of projects.

With this partnership, Bitget will transfer all BGB tokens that it controls, 440 million in total, to the Morph Foundation. Half of this allocation, 220 million BGB, will be burned in a single action, while the remaining 220 million BGB tokens will be locked and released at two per cent per month to fund liquidity incentives, use case expansion, and education.

“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,” said Gracy Chen, CEO of Bitget.

The CEO of Bitget Wallet, Karry Cheung said, “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.”

On his part, CEO of Morph, Colin Goltra added “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 post Bitget to Transfer 440m BGB to Morph Foundation appeared first on THISDAYLIVE.