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The Morph layer 2 consumer-centric blockchain has received a multi-million dollar investment from crypto exchange Bitget. 

Bitget’s investment into Morph

Crypto trading platform Bitget will collaborate with the Morph layer 2 blockchain after announcing a multi-million dollar investment into the project and its “stellar team”.

Managing Director of Bitget, Gracy Chen, had the following to say about Bitget’s latest investment:

“Morph has a stellar team endowed with experience, a vibrant multicultural approach, and industry-leading strategic capabilities for fostering mass adoption. It has demonstrated tangible progress in its commitment to a unique vision of a consumer blockchain. With Bitget’s dedication to forging ties with exemplary Web3 entities, we’ve embraced Morph in a spirit of collaboration,”

The Morph technology

One reason for Chen’s excitement over Bitget’s investment is no doubt the technology behind Morph. An optimised combination of Optimistic and ZK roll-ups contribute to a secure, fast, and flexible blockchain which welcomes all types of value-driven dApps.

At the core of the Morph network is its decentralised sequencer technology which improves on efficiency while reducing costs. The technology removes central points of control and provides cheap and fast transactions on its scalable layer 2 infrastructure.

Benefits for Morph

Morph Co-founder and CEO Cecilia Hsueh said of Bitget’s investment:

“We are extremely grateful for Bitget’s support. The recent capital infusion showcases our incubator’s confidence in Morph’s UVP and sets the stage for the seed funding round. Our proactive financial strategy is crafted to tackle an aggressive roadmap and product development timeline to reform the Layer 2 landscape.”

There appears to be plenty of added value for Morph besides the large investment. Bitget’s 20 million strong user base, combined with 12 million using the Bitget wallet, can now be leveraged by Morph. Add to this Bitget’s 50 million follower base, its affiliate system, and its experience and expertise in web3, Morph will have an overwhelming array of resources from which it can benefit.

Foresight Ventures and Testnet Beta

Morph has also combined with crypto fund Foresight Ventures, which has recently purchased a majority stake in crypto news platform, The Block. This partnership will enable Morph to expand. Morph’s public testnet  is set to launch in January 2024, with mainnet beta expected to go live in Q2 2024.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.