Cryptocurrency exchange Bitget has unveiled a multi-million 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 to expand its follower base to over 50 million users.
The exact financial terms of the deal were not disclosed, but Morph co-founder Cecilia Hsueh said the company plans to use the proceeds “to address an aggressive roadmap and product development schedule to reform the Layer 2 environment.”
“Morph has an outstanding team with experience, a vibrant cross-cultural approach, and industry-leading strategic capabilities to drive mass adoption.”
Bitget Managing Director Gracie Chen
Morph has not yet announced a specific date for the launch of its layer 2 testnet beta, but stated in a press release that it is targeting a testnet beta launch in early January 2024, with the mainnet beta expected to launch in Q2 2024. . .
In addition to the multi-million dollar deal with Bitget, Morph has also established a strategic partnership with Foresight Ventures, a Singapore-based cryptocurrency fund that recently acquired a majority stake in The Block. No further details were provided about Morph’s partnership with Foresight Ventures, but the move is expected to help the network expand its services globally.
Founded in 2023, Morph is a layer 2 scaling solution for the Ethereum blockchain that uses an approach called “rollup” to increase transaction throughput and lower fees. Rollup aggregates off-chain transactions and then periodically submits them to the underlying Ethereum blockchain.