Bitget Launches $20 Million Fund to Boost The Open Network (TON) Ecosystem

Bitget Launches $20 Million Fund to Boost The Open Network (TON) Ecosystem

The Open Network (TON), a blockchain and cryptocurrency ecosystem integrated within Telegram messenger, is receiving a significant boost from a new fund supported by the Bitget crypto exchange.

According to a June 26 announcement shared with Cointelegraph, Bitget is establishing a $20 million TON Ecosystem Fund in collaboration with the Singapore-based investment firm Foresight Ventures.

The primary goal of this $20 million fund is to foster early-stage projects within the TON ecosystem, which has been witnessing a surge in TON-based applications and the native cryptocurrency, Toncoin (TON).

Designed to comprehensively support project development within the TON ecosystem, the fund will also provide liquidity on the Bitget platform, as mentioned in the announcement.

The TON ecosystem has been shattering records throughout 2024

This funding initiative seeks to capitalize on the explosive growth of TON in 2024. Delphi Digital reports that this growth is fueled by Telegram’s massive user base of 900 million monthly users, driving more people towards cryptocurrency every day.

By mid-June, the TON blockchain consistently recorded more active addresses than Ethereum almost daily for nearly a month.

The total value locked (TVL) within the TON ecosystem has increased more than fivefold over the past two months, reaching $600 million. This growth is attributed to the influx of new projects and assets like TON-based Tether (USDT), DeDust.io, Ston.fi, and others.

Moreover, the native Toncoin cryptocurrency has been reaching unprecedented heights, peaking at $8.17 on June 14. Data from CoinGecko shows that TON has surged over 400% since the start of 2024.

Bitget’s strategy for driving mass adoption of crypto through TON

With this new funding initiative, Bitget and Foresight Ventures aim to facilitate the widespread adoption of cryptocurrency, according to Bitget CEO Gracy Chen.

“We are pleased to observe the TON ecosystem’s positive feedback loop, characterized by growth in users, TVL, and token price,” stated Gracy Chen. “We believe in TON’s potential to foster a more equitable future. Our Telegram Signal Bot exemplifies how we are empowering the community and enhancing user experience.”

This new TON Ecosystem Fund marks another step in Bitget’s ongoing efforts to integrate into the rapidly expanding TON ecosystem.

On June 25, Bitget’s non-custodial 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 to streamline direct trading signals across trading communities.