The crypto spot and futures trading platform Bitget announced on December 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 the latest 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.
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Morph Gearing Up for Seed Round
Morph is reportedly excited over the cooperation with Bitget and specifically highlighted the ability to leverage the investment firm’s large user base of 20 million with 12 million on Bitget wallet alone.
They will also be able to take advantage of Bitget’s ‘wealth of knowledge and strategies’ related to the industry.
“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. We crafted our proactive financial strategy to tackle an aggressive roadmap and product development timeline to reform the Layer 2 landscape.”
At the same time, Morph has fostered a partnership with a Singapore-based crypto fund called Foresight Ventures. The fund 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 to initiate a seed funding round. Morph’s mainnet beta is expected to go live in Q2 2024.
