Bitget and Foresight Ventures Unveil $20M TON Ecosystem Fund to Foster Innovation

Bitget and Foresight Ventures Unveil $20M TON Ecosystem Fund to Foster Innovation

Crypto exchange Bitget, in partnership with Singapore-based investment firm Foresight Ventures, has announced the launch of a $20 million TON Ecosystem Fund. The initiative aims to bolster the Telegram Open Network (TON), a platform designed to integrate blockchain and cryptocurrency functionalities within the Telegram messenger, as revealed in a recent Bitget press release.

Objective of the TON Ecosystem Fund

The primary goal of the $20 million TON Ecosystem Fund is to support early-stage projects within the TON ecosystem, with a strong emphasis on driving innovation. The fund seeks to facilitate project development by providing comprehensive support, including liquidity provisions on the Bitget platform.

Rapid Growth of Telegram’s TON

This funding initiative coincides with a period of rapid growth for the TON blockchain. According to reports, TON has consistently outperformed Ethereum in terms of daily active addresses throughout the month. Delphi Digital, a prominent research firm, attributes this success to Telegram’s vast user base of 900 million.

Additionally, the total value locked (TVL) within the TON ecosystem has surged dramatically over the past two months, increasing more than fivefold to reach $600 million. This growth is largely due 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 also seen a significant increase in value, reaching an all-time high of $8.17 on June 14. According to CoinGecko, TON has generated returns of over 400% since the beginning of 2024.

Bitget’s Commitment to TON

“Our $20 million fund is a testament to our commitment to supporting projects that will drive the mass adoption of cryptocurrency,” stated Bitget CEO Gracy Chen. “We believe in the potential of TON and its ability to create a more equitable future. Our Telegram Signal Bot is just one example of how we are empowering the community and enhancing the user experience.”

Further Ventures in the TON Ecosystem

This $20 million fund is not Bitget’s first venture into the TON ecosystem. On June 25, Bitget Wallet, the company’s non-custodial wallet, launched a comprehensive support package for the TON network. This initiative aims to connect decentralized applications within the TON ecosystem, further solidifying Bitget’s presence in this rapidly expanding landscape.

In addition to the wallet launch, Bitget had previously introduced the Telegram Signal Bot to streamline direct trading signals across various trading communities, enhancing trading efficiency and convenience. Earlier this month, Telegram launched a new digital payment feature called “Telegram Stars,” allowing users to make in-app purchases compatible with both iOS and Android devices.

Growing Influence of Telegram’s Mini Apps

The recent surge in Telegram’s mini apps has attracted millions of users daily. Hamster Kombat recently announced gaining millions of subscribers, becoming the No.1 channel on Telegram in terms of users. Similarly, Pixelverse, a Web3 Telegram-based gaming ecosystem, raised $5.5 million in a recent capital raise.

Overall, the $20 million TON Ecosystem Fund by Bitget and Foresight Ventures signifies a substantial investment in the future of blockchain and cryptocurrency integration within Telegram, promising to drive innovation and mass adoption.

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