Bitget invests in Morph with multimillion-dollar deal

Cryptocurrency exchange Bitget has revealed a multimillion-dollar deal with Morph, a layer-2 consumer blockchain network.

According to a press release shared with crypto.news, Morph plans to implement Bitget‘s native affiliate system in a bid to extend its follower base to more than 50 million users.

While the exact financial terms of the deal were not disclosed, Morph Co-Founder Cecilia Hsueh said the firm is planning to use the proceeds to “tackle an aggressive roadmap and product development timeline to reform the layer-2 landscape.”

“Morph has a stellar team endowed with experience, a vibrant multicultural approach, and industry-leading strategic capabilities for fostering mass adoption.”

Bitget Managing Director Gracy Chen

Although Morph has not yet announced a specific date for the beta launch of its layer-2 testnet, the firm said in the press release it is aiming for a Testnet Beta launch in early January 2024, with Mainnet Beta expected to go live in Q2 2024.

In addition to the multimillion-deal with Bitget, Morph has also forged a strategic partnership with Foresight Ventures, a Singapore-based crypto fund that recently acquired a majority stake in The Block. While no details on Morph’s partnership with Foresight Ventures were given, the move is expected to help the network expand its services globally.

Established in 2023, Morph, is a layer-2 scaling solution for the Ethereum blockchain, which employs an approach called “rollups” to boost transaction throughput and lower fees. Rollups aggregate transactions off-chain and then periodically submit them to the main Ethereum blockchain.