The crypto spot and futures trading platform Bitget announced on Dec 11 a multimillion-dollar investment in Morph, a Layer 2 consumer blockchain for value-driven dApps.
An important factor behind Bitget’s investment is Morph’s roll-up technology, which enables secure and flexible transactions for dApps and speeds up dispute resolutions by utilizing the “best features of Optimistic and ZK roll-ups to reduce cost barriers,” according to information shared with Finbold.
Bitget Managing Director Gracy Chen described Morph’s team as vibrant and highly experienced. She believes the blockchain has the potential and the knowledge base to help encourage mass adoption.
Chen added that the investment was part of Bitget’s broader strategy to build relations with innovative and promising Web3 projects.
Morph gearing up for seed round
Morph expressed its excitement over the cooperation with Bitget and specifically highlighted the opportunities presented by the ability to leverage the investing firm’s large user base – 20 million strong with 12 million on Bitget wallet alone – as well as its well-established ‘wealth of knowledge and strategies’ on the industry.
Morph Co-Founder and CEO Cecilia Hsueh stated:
“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.”
Around the same time, Morph also created a partnership with a Singapore-based crypto fund called Foresight Ventures – the fund that recently bought a majority stake in the online news outlet The Block – as part of its broader expansion strategy.
The company expects its Testnet Beta to launch in January 2024 and believes that its recent partnerships position it well to initiate a seed funding round.
