Crypto exchange Bitget announced Tuesday it is transferring 440 million of its native BGB tokens to the Morph Foundation to serve as the gas and governance token for the new RWA-focused Layer 2, Morph Chain.
The move includes a one-time burn of 220 million BGB tokens, with the remaining 220 million locked and set to be released at a rate of 2% per month to fund ecosystem growth.
The goal of the strategic move is to make BGB the main token used to pay transaction fees (gas) and take part in running the Morph network. Adding the BGB token to a Layer 2 protocol, it increases its usefulness outside the exchange
According to the official announcement, the Morph Foundation will also update BGB’s burn mechanism to be linked directly to network activity, with the goal of reducing the total supply to 100 million BGB over time.
“BGB has found its home onchain with Morph,” said Karry Cheung, CEO of Bitget Wallet, in the press release. “We are thrilled to invite millions of users to experience BGB and find utility in entirely new ways.”
The strategic initiative will see Bitget and Bitget Wallet integrate their infrastructures directly into the Morph ecosystem, providing developers with access to a combined user base of over 120 million.
Morph Rails will serve as the backbone of this expansion. It will support hackathons, builder programs, and new projects. Developers building on Morph will gain access to Bitget’s and Bitget Wallet’s base of more than 120 million users.
Bitget’s Managing Director, Gracy Chen, said, “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,”
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