Bitget Transfers 440 Million BGB to Morph Foundation for Network Growth

5d ago•

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Crypto exchange Bitget has launched the new Morph L2 and is burning 220 million BGB to expand the token's utility.

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.

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.