VICTORIA, Seychelles, Jan. 08, 2025 (GLOBE NEWSWIRE) -- Bitget, the leading cryptocurrency exchange and Web3 company, is excited to announce the cross-chain integration of its native token, Bitget Token (BGB), onto the Morph Chain. This strategic move marks another milestone in expanding BGB's on-chain ecosystem and its commitment to empowering users with expanded accessibility and utility.
With the integration, BGB is now available on the Morph Bridge, facilitating seamless token transfers across multiple blockchains. Bitget has also launched a liquidity pool for BGB on Bulbaswap, the central trading and liquidity marketplace on Morph, with the Total Value Locked (TVL) exceeding $1.1 million within days of its launch. Users can now participate in the liquidity pool to earn rewards while supporting BGB's ecosystem growth.
To incentivize on-chain activities related to BGB, participants of The Great Token Migration (Morph Zoo Season 2) can include BGB in their bridging activities to earn Morph Points. Eligible actions include bridging BGB from Ethereum to Morph, bridging it back from Morph to Ethereum, and holding BGB on Morph to accumulate Season 2 points. Bitget Wallet users benefit from a 1.2x multiplier on bridge scores during the event.
Gracy Chen, CEO of Bitget, commented on the integration: "Our commitment to BGB's long-term growth and utility remains resolute. By bridging BGB to the Morph Chain and introducing new liquidity pools, we are expanding its reach and providing users with more opportunities. This integration aligns with our vision to make BGB a cornerstone of both decentralized and real-world applications, empowering the BGB community to participate in the evolving Web3 ecosystem fully."
The Morph Chain integration is aligned with Bitget's broader strategy to enhance BGB's utility in both on-chain and off-chain scenarios. Recently, Bitget unveiled a new BGB whitepaper, outlining its ambitious plans for the token's future. Key initiatives include a buyback and burn program to establish a deflationary model to support long-term value. The first phase of this initiative has seen 800 million BGB burned, representing 40% of the total supply.
The whitepaper also outlines plans to position BGB as a core asset for staking, liquidity provision, and on-chain DeFi applications. Additionally, Bitget is actively working on integrating BGB into PayFi use cases, enabling real-world utility that includes payments for dining, travel, and shopping via the Bitget Card.
In 2024, BGB demonstrated remarkable growth, achieving a tenfold increase over the year and solidifying its position as one of the best-performing exchange tokens. According to CoinMarketCap, BGB now ranks #25 with a market capitalization of 74 billion.
Morph is an advanced Layer 2 scaling solution built on Ethereum, designed to enhance transaction speed and reduce costs while maintaining Ethereum’s security and decentralization. Backed by leading investors such as DragonFly Capital, Pantera Capital, and Foresight Ventures, Morph launched its mainnet in late 2024, introducing seamless cross-chain bridging and supporting a growing ecosystem of decentralized applications (dApps).
About Bitget
Established in 2018, Bitget is the world's leading cryptocurrency exchange and Web3 company. Serving over 45 million users in 150+ countries and regions, Bitget is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.
Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World's Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.
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A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4f042830-e0ae-43ad-9503-71c971587134
