Crypto exchange Bitget, in collaboration with Singapore-based investment firm Foresight Ventures, is launching a $20 million TON Ecosystem Fund.
The fund is intended to provide a boost to the Telegram Open Network (TON), a platform that facilitates the integration of blockchain and cryptocurrency within the Telegram messenger, Bitget said in a recent press release.
The primary objective of the $20 million TON Ecosystem Fund is to provide support for early-stage projects within the TON ecosystem, with a particular focus on driving innovation.
The fund aims to facilitate project development by offering comprehensive assistance, including liquidity provisions on the Bitget platform.
Telegram’s TON is Growing Rapidly
This funding initiative comes at a time when TON is experiencing rapid growth.
As reported, the TON blockchain has been consistently outperforming Ethereum in terms of daily active addresses throughout this month.
According to Delphi Digital, a prominent firm, TON’s daily active addresses have surpassed Ethereum, attributing this achievement to Telegram’s colossal user base of 900 million.
Furthermore, the total value locked (TVL) within the TON ecosystem has surged over the past two months, increasing by more than fivefold to reach $600 million.
The growth can be 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 also experienced a remarkable surge in value, reaching an all-time high of $8.17 on June 14.
According to data from CoinGecko, TON has generated returns of over 400% since the beginning of 2024.
“Our $20 million fund is a testament to our commitment to supporting projects that will drive the mass adoption of cryptocurrency,” Bitget CEO Gracy Chen said.
“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.”
Bitget Launches More Ventures in TON Ecosystem
The $20 million fund isn’t the first venture by Bitget into the burgeoning 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 and further solidify Bitget’s presence in the 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 dubbed “Telegram Stars,” allowing users to make in-app purchases.
The ‘Stars’ is compatible with both iOS and Android devices.
The move comes with the recent surge in Telegram’s mini apps with millions of users joining every day.
Just recently, Hamster Kombat announced gaining millions of subscribers and becoming the No.1 channel on Telegram in terms of users.
Likewise, Pixelverse, a Web3 Telegram-based gaming ecosystem, raised $5.5 million in a recent capital raise.
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