In a strategic move to propel innovation within the Telegram Open Network (TON), Bitget, a leading crypto exchange, has joined forces with the investment powerhouse Foresight Ventures to unveil the TON Ecosystem Fund, endowed with $20 million.
The fund’s mission is to energize the TON platform, which seamlessly melds blockchain and cryptocurrency functionalities into the Telegram messaging service. Bitget announced this development in a recent statement to the press.
With a laser focus on nurturing early-stage ventures in the TON ecosystem, the $20 million TON Ecosystem Fund is dedicated to sparking innovation. The fund is set to streamline project growth by providing extensive support, including liquidity options on Bitget’s trading platform.
**TON’s Trajectory: On the Fast Track**
The launch of the fund coincides with a period of accelerated expansion for TON. Recent reports highlight that the TON blockchain has consistently eclipsed Ethereum in daily active addresses this month.
Delphi Digital, a renowned analytics firm, notes that TON’s daily active addresses have outstripped those of Ethereum, a feat largely credited to Telegram’s massive 900 million-strong user base.
Moreover, the Total Value Locked (TVL) within the TON ecosystem has witnessed a meteoric rise in the last two months, ballooning over five times to a staggering $600 million. This growth spurt is linked to the arrival of new projects and assets, including TON-based Tether (USDT), DeDust.io, and Ston.fi.
Toncoin, TON’s proprietary cryptocurrency, has also seen its value skyrocket, hitting a record peak of $8.17 on June 14. CoinGecko data reveals that TON has delivered an impressive 400% return since the onset of 2024.
“Our $20 million fund underscores our unwavering dedication to fostering projects that catalyze widespread crypto adoption,” stated Gracy Chen, CEO of Bitget. “We’re bullish on TON’s potential to forge a more inclusive future. Our Telegram Signal Bot exemplifies our commitment to community empowerment and user experience enhancement.”
**Bitget’s Continued Investment in TON**
This $20 million fund is not Bitget’s inaugural venture into the flourishing TON ecosystem. On June 25, Bitget Wallet, the firm’s non-custodial wallet solution, introduced a comprehensive support scheme for the TON network.
This initiative is designed to bridge decentralized applications within the TON ecosystem, further cementing Bitget’s role in the ever-growing domain.
Beyond the wallet introduction, Bitget previously launched the Telegram Signal Bot, optimizing direct trading signals for diverse trading communities, thereby boosting trading efficacy and user convenience.
Earlier in the month, Telegram rolled out “Telegram Stars,” a novel digital payment option, enabling in-app transactions. Compatible with both iOS and Android platforms, ‘Stars’ aligns with the recent uptick in Telegram’s mini apps, attracting millions of new users daily.
In a recent surge of popularity, Hamster Kombat has amassed millions of subscribers, securing its position as Telegram’s top channel by user count. Similarly, Pixelverse, a Web3 gaming ecosystem integrated with Telegram, successfully garnered $5.5 million in its latest funding round.
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