Crypto exchange Bitget has announced the transfer of 440 million of its BGB tokens to Morph Foundation to support the new Morph Chain project.
Transfer of BGB Tokens
Bitget is transferring 440 million BGB tokens to Morph Foundation, establishing a new Layer 2 focused on real-world assets. As part of this initiative, a one-time burn of 220 million BGB tokens will occur, while the remaining 220 million will be locked and released at a rate of 2% per month to fund ecosystem growth.
Strategic Importance of the Transfer
The goal of this strategic move is to make BGB the main token for paying transaction fees and participating in the governance of the Morph network. This will not only increase the token's utility but also broaden its application outside the exchange.
Comments from Bitget Management
Karry Cheung, CEO of Bitget Wallet, stated, 'BGB has found its home onchain with Morph. We are thrilled to invite millions of users to experience BGB and find utility in entirely new ways.' Managing Director Gracy Chen added that this commitment marks a new chapter for BGB as Morph's gas and governance token, expanding its usage for consumer finance.
Bitget's strategy in transferring BGB tokens to Morph Foundation opens new prospects for the token, targeting its use in a real asset system and expanding opportunities for developers.
