Bitget Transfers 440 Million BGB to Morph Foundation for Network Growth
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- 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.
Related: Bitget Hits $750B Monthly Derivatives Volume, Tops ETH and SOL Liquidity in CoinDesk Report
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-F…
The post Bitget Transfers 440 Million BGB to Morph Foundation for Network Growth appeared first on Coin Edition.
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