The Open Network (TON), a blockchain and cryptocurrency platform integrated with Telegram, is receiving a significant boost from Bitget crypto exchange through a newly announced fund. On June 26, Bitget revealed its partnership with Foresight Ventures, a Singaporean investment firm, to establish a $20 million TON Ecosystem Fund.
What Is the Objective of the Fund?
The primary goal of the $20 million TON Ecosystem Fund is to aid early-stage projects within the TON network and propel the development of TON-based applications and Toncoin (TON), its native cryptocurrency. The fund will also provide liquidity on the Bitget platform, ensuring comprehensive support for project growth within the TON ecosystem, according to the announcement.
Delphi Digital reports that the extensive user base of Telegram, with its 900 million monthly users, is a significant driver behind the TON ecosystem’s growth. By mid-June, the TON blockchain had surpassed Ethereum in daily active addresses for nearly a month, with the total value locked (TVL) in the ecosystem increasing over fivefold to $600 million in a mere two months, driven by new projects and assets like TON-based Tether (USDT), DeDust.io, and Ston.
How Will Bitget’s Initiatives Impact the Crypto Space?
Bitget CEO Gracy Chen emphasized the broader vision behind the financing initiative, aiming for widespread crypto adoption. Chen stated, “We are pleased to see the TON ecosystem experiencing a positive feedback loop due to the increase in users, TVL, and token price. We believe in TON’s potential and its ability to create a fairer future. Telegram Signal Bot is just one example of how we empower the community and improve the user experience.”
The new fund follows Bitget’s previous efforts to support the growing TON ecosystem. On June 25, Bitget’s Web3 wallet, Bitget Wallet, launched a support package for the TON network, aiming to integrate decentralized applications within the ecosystem. Bitget had earlier introduced the Telegram Signal Bot to facilitate direct trading signals among trading communities.
Key Takeaways
Several critical insights can be extracted from this development:
- New projects in the TON network will receive early-stage funding, accelerating innovation.
- Increased liquidity on the Bitget platform will enhance the trading experience.
- The integration leverages Telegram’s massive user base to drive TON ecosystem growth.
- Expansion of the TON blockchain is already evident with significant user activity and TVL growth.
In conclusion, Bitget’s new fund for the TON ecosystem marks a strategic move aimed at fostering early-stage projects and driving the mass adoption of cryptocurrency. The collaboration with Foresight Ventures and the leveraging of Telegram’s user base are pivotal in this ambitious endeavor.