Bitget, in partnership with Singapore’s Foresight Ventures, is set to launch a $20 million TON Ecosystem Fund aimed at bolstering the Telegram Open Network (TON). This platform integrates blockchain and cryptocurrency functionalities into the Telegram messenger, according to a recent press release from Bitget.
The fund’s main goal is to support early-stage projects within the TON ecosystem, emphasizing innovation as a key driver. It aims to foster project development by providing comprehensive support, including liquidity provisions on the Bitget platform.
Telegram’s TON is Growing Rapidly
This funding initiative arrives amidst a period of rapid expansion for TON. According to reports, the TON blockchain has consistently surpassed Ethereum in terms of daily active addresses throughout this month.
Delphi Digital, a notable firm, has highlighted that TON’s daily active addresses have exceeded Ethereum’s, crediting Telegram’s vast user base of 900 million for this achievement.
Moreover, the total value locked (TVL) within the TON ecosystem has seen a remarkable surge over the past two months, skyrocketing more than fivefold to reach $600 million.
This growth surge is largely attributed to the influx of new projects and assets such as TON-based Tether (USDT), DeDust.io, and Ston.fi.
Toncoin, the native cryptocurrency of TON, has seen a significant surge in value, reaching an all-time high of $8.17 on June 14.
According to data from CoinGecko, TON has delivered returns exceeding 400% since the start of 2024.
“Our $20 million fund underscores our dedication to backing projects that promote widespread cryptocurrency adoption,” said Gracy Chen, CEO of Bitget.
“We have confidence in TON’s potential to shape a fairer future. Our Telegram Signal Bot exemplifies our commitment to empowering the community and enriching user interactions.”
Bitget Launches More Ventures in TON Ecosystem
Bitget has been actively expanding its presence in the growing TON ecosystem, with the $20 million fund marking another significant venture.
Recently, on June 25, Bitget Wallet, the company’s non-custodial wallet, unveiled a comprehensive support package tailored for the TON network. This initiative is designed to integrate decentralized applications within the TON ecosystem, strengthening Bitget’s foothold in this rapidly evolving sector.
Prior to the wallet launch, Bitget introduced the Telegram Signal Bot, which facilitates direct trading signals across diverse trading communities. This innovation aims to enhance trading efficiency and convenience for users.
Earlier this month, Telegram introduced a new digital payment feature called “Telegram Stars,” enabling users to make in-app purchases conveniently.
The ‘Stars’ feature is available on both iOS and Android devices.
This development aligns with Telegram’s recent expansion of mini apps, attracting millions of new users daily.
Notably, Hamster Kombat recently achieved significant growth, becoming the top channel on Telegram in terms of user numbers.
Similarly, Pixelverse, a Web3 gaming ecosystem based on Telegram, successfully raised $5.5 million in a recent capital funding round.