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Morph, an Ethereum Layer 2 network dedicated to on-chain payments and consumer finance, will take over as the on-chain home of Bitget’s native token, BGB, following a major transfer from the cryptocurrency exchange.
BGB Transfer to Morph
In a media release, Bitget announced that it will hand over all 440 million BGB under its control to the Morph Foundation.
According to the firm, the move establishes BGB as the gas and governance token of Morph’s blockchain.
“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.”
Gracy Chen, Chief Executive Officer, Bitget
Consequently, Morph will continue operating independently under its existing brand and team, with a strategic focus on building a decentralized payment infrastructure that integrates wallets, DeFi, stablecoins, and global payment providers.
What Will Happen to BGB?
Half of the tokens will be burned in a single action, while the other half will be locked and gradually released at 2% per month to fund liquidity incentives, ecosystem expansion, and educational initiatives.
Under the arrangement, the decentralized non-profit Morph Foundation will oversee BGB’s long-term roadmap and update its burn mechanism to align with network activity until the total supply is reduced to 100 million.
“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.”
Karry Cheung, Chief Executive Officer, Bitget Wallet
Looking Forward
To further consolidate services, Bitget and Bitget Wallet will integrate their infrastructures directly into Morph, supporting stablecoins, regional currencies, and global payment providers. Developers building on Morph will also gain access to Bitget’s user base, making the chain a potential hub for PayFi and consumer finance applications.
According to the release, Morph Rails will anchor the expansion by supporting hackathons, builder programs, and new projects.
Developers on Morph will also gain access to Bitget and Bitget Wallet’s combined base of over 120 million users.
“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.”
Colin Goltra, CEO, Morph
What is Morph?
Morph is an Ethereum Layer 2 network designed to make blockchain practical for everyday use, especially in payments and consumer finance.
According to Bitget’s website, it uses a decentralized sequencer and optimistic zkEVM to provide fast, low-cost, and secure transactions while staying compatible with Ethereum.
In June 2025, Morph appointed Philippine crypto veteran Colin Goltra, its formerly Chief Growth Officer, as its new CEO, succeeding co-founder Cecilia Hsueh. Hsueh, who led the project from inception to mainnet launch, stepped down after several years of rapid growth but will remain an advisor.
What is BGB?
BGB is the native utility token of Bitget, designed to power trading, fee discounts, staking, and platform governance. Launched as an ERC-20 token with a total supply of two billion, BGB has evolved beyond exchange perks to support decentralized finance, payments, and ecosystem incentives.
At TOKEN2049 Dubai, held in May, 2025, Bitget highlighted the strong momentum of BGB, noting its growth in both market capitalization and adoption.
A month before, Bitget burned 30 million BGB, worth about $130 million, as part of its updated quarterly burn mechanism. The reduction, representing 2.5% of total supply, follows the exchange’s move to tie burns directly to on-chain BGB usage. With more than 40% of BGB supply already eliminated since late 2024, Bitget says the token is evolving from a fee-discount tool into a core asset for its exchange and wallet ecosystem.
This article is published on BitPinas: 440 Million BGB Transferred to Morph Foundation to Accelerate Onchain Payments
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