- Bitget transfers 440 million BGB to the Morph Foundation.
- 220 million tokens burned, with the rest locked and gradually released.
- BGB becomes the gas and governance token of Morph’s Layer 2 chain.
Bitget announced it will transfer 440 million BGB tokens to the Morph Foundation, establishing BGB as the gas and governance token of the Morph chain.
In a release made available today, September 2, the strategic collaboration includes an immediate burn of 220 million tokens and a gradual release of the remaining supply.
Token Transfer and Burn Plan
Bitget, a Seychelles-based exchange, said the decision is part of a broader effort to expand BGB’s role beyond trading platforms. The decentralized nonprofit Morph Foundation will now oversee the token’s development and manage its utility across the network.
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Half of the transferred tokens, 220 million BGB, will be permanently destroyed in a one-time burn. The other 220 million will be locked, with 2% released monthly to fund ecosystem incentives and liquidity programs.
BGB Becomes Gas for a Payment-Focused L2
As part of the discussion, the Morph chain will adopt BGB as its gas, governance, and payment token. Network settlement, PayFi activities, and governance votes will run through BGB alongside stablecoins.
The Morph Foundation also plans to link BGB’s ongoing burn mechanism directly to network activity, reducing the supply until it reaches 100 million tokens.
Speaking of the collaboration, Bitget CEO Gracy Chen said that 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 on-chain consumer finance,” she added.
Expanding Access for Users and Developers
Bitget and Bitget Wallet, with a combined 120 million users worldwide, will integrate directly with Morph. Bitget Wallet alone has over 80 million users across 130+ blockchains. This integration alone will provide access to stablecoins, regional currencies, and global payment providers.
Developers building on Morph will also gain exposure to Bitget’s user base. The chain’s infrastructure will support decentralized payment applications, offering a platform for projects focused on consumer finance at scale.
“Morph has always had a close relationship with Bitget,” Morph CEO Colin Goltra said. “Through this initiative, we are excited for Morph to become the home of Bitget’s on-chain efforts and to support millions of BGB holders worldwide.”
Building a Payment-Focused Layer 2
The Morph chain will maintain its focus on payments and on-chain consumer finance. Bitget executives said the upgrade represents a shift in BGB’s role from an exchange token to a settlement layer asset.
Morph plans to support integrations across wallets, decentralized finance, and stablecoins while positioning itself as a next-generation Layer 2 for global payments.
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Notably, BGB will maintain use cases outside Morph, including collaborations with exchanges such as MEXC and Bitfinex. The token is already used for trading fee discounts, Launchpool participation, and mining programs.
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