The Open Network (TON), a platform activating the blockchain and cryptocurrency ecosystem on Telegram, is gaining new momentum with a new fund supported by the Bitget crypto exchange. According to an announcement shared on June 26, Bitget, in alliance with Singapore-based investment company Foresight Ventures, is launching a $20 million TON Ecosystem Fund.
Bitget Team’s Step Towards TON
The $20 million TON Ecosystem Fund aims to support early-stage projects within the TON network, along with the rise of TON-based applications and the native cryptocurrency Toncoin (TON). According to the announcement notes, the fund is designed to fully support project development within the TON ecosystem, including providing liquidity on the Bitget platform.
The financing initiative aims to curb TON’s turbulent growth in 2024. According to Delphi Digital, the growth of the TON ecosystem is driven by Telegram’s 900 million monthly user base, bringing more users to crypto every day.
By mid-June, the TON blockchain recorded more active addresses than Ethereum almost every day for nearly a month. The total value locked (TVL) in the TON ecosystem also increased more than fivefold in the last two months, reaching $600 million due to the influx of new projects and assets like TON-based Tether (USDT), DeDust.io, and Ston.
Details on the Subject
According to Bitget CEO Gracy Chen, Bitget and Foresight Ventures ultimately aim to ensure the mass adoption of crypto with the new financing initiative. Bitget CEO Gracy Chen made the following statements on the subject:
”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 TON Ecosystem Fund is not Bitget’s first move towards the rapidly growing TON ecosystem. On June 25, Bitget’s Web3 wallet, Bitget Wallet, launched a comprehensive support package for the TON network, aiming to connect decentralized applications within the TON ecosystem. Previously, Bitget introduced the Telegram Signal Bot, designed to facilitate direct trading signals among trading communities.
