Bitget Makes A Multimillion-Dollar Investment in Layer 2 Consumer-centric Blockchain Morph
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Victoria, Seychelles, December 11th, 2023, Chainwire
Morph, a Layer 2 consumer blockchain for value-driven dApps, announced the closing of a multimillion-dollar investment from the Web3 and cryptocurrency trading platform Bitget.
“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,” said Bitget Managing Director Gracy Chen.
Morph’s roll-up tech intelligently combines the best features of Optimistic and ZK roll-ups to reduce cost barriers, accelerate dispute resolution, and ensure flexible and secure transactions for dApps of all sizes. At the heart of the ecosystem is a decentralized sequencer network eliminating central points of control, countering MEV dominance, and guaranteeing consumers scalable, inexpensive, and rapid Layer 2 transactions.
“We are extremely grateful for Bitget’s support,” said Morph Co-Founder and CEO Cecilia Hsueh. “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.”
Bitget’s investment symbolizes a convergence of shared visions for value-driven dApps, while the two organizations are uniquely positioned to build a thriving ecosystem and accelerate user adoption. Benefiting from the extensive user base of over 20 million on Bitget and 12 million on Bitget Wallet, Morph will be able to leverage its new partner’s wealth of knowledge and strategies. According to Hsueh, Morph will also implement the exchange’s native affiliate system, extending to a massive follower base of over 50 million, engineered to drive initial user acquisition and long-lasting participation and investment.
Morph has also forged a strategic partnership with Foresight Ventures, a Singapore-based crypto fund that recently announced its acquisition of a majority stake in the leading media group, The Block. This strategic move encompasses a broader expansion. Morph expects comprehensive growth in the upcoming months, covering its technical side, larger ecosystem, marketing, community management, and additional operational divisions. Moreover, the company’s Testnet Beta is scheduled to launch in early January 2024, with the mainnet beta expected to go live in Q2 2024.
Established in 2018, Bitget is the world’s leading cryptocurrency exchange and web3 company. Serving over 20 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. 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, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and official eSports events organizer PGL.
Morph is a transparent, community-driven Layer-2 solution. Combining the best of OP and ZK rollups, it offers unmatched scalability and security, aiming to lay a foundation for an ecosystem of consumer-focused, value-driven DApps.
Through its hallmark features, such as a Decentralized Sequencer Network, Responsive Validity Proof (RVP) system, and modular design, the project delivers efficient and flexible scaling while preserving the initial security, availability, and compatibility of the Ethereum network.
About Foresight Ventures
Foresight Ventures is a crypto fund focused on backing Web3 projects that embody the ethos of decentralization while moving crypto toward long-term, mainstream adoption. With an impressive global industry network at our disposal, we pride ourselves on unparalleled media connections that enable us to elevate our projects to remarkable visibility and influence. Foresight Ventures manages multiple funds: a VC fund, an actively managed secondary fund, a multi-strategy FOF, and a private market secondary fund. As a one-stop shop for crypto projects, Foresight Ventures provides incubation, investment, and advisory throughout the project life cycle.