The Open Network (TON), the blockchain platform integrated with Telegram Messenger, is set to receive a significant boost from a new fund backed by the Bitget crypto exchange. Bitget, in collaboration with Singapore-based investment firm Foresight Ventures, has announced the launch of a $20 million TON Ecosystem Fund, aiming to support early-stage projects within the TON ecosystem.
Fund’s Purpose and Goals
The initiative, announced on June 26, 2024, targets the growing array of TON-based applications and its native cryptocurrency, Toncoin (TON). The fund is designed to fully support project development, including providing liquidity on the Bitget platform and fostering the continued expansion of the TON ecosystem.
Growth and Achievements of the TON Ecosystem
The TON ecosystem has seen remarkable growth in 2024, driven largely by Telegram’s massive monthly user base of 900 million. According to Delphi Digital, this user surge has significantly boosted TON adoption. By mid-June, the TON blockchain consistently recorded more active addresses than Ethereum, with the Total Value Locked (TVL) in the ecosystem increasing more than fivefold over the past two months, reaching $600 million.
Additionally, according to CoinGecko data, Toncoin has reached all-time highs, peaking at $8.17 on June 14 and delivering returns exceeding 400% since the beginning of the year.
Bitget’s Vision for the Future
Bitget CEO Gracy Chen expressed optimism about the fund’s potential impact, stating, “We are glad to see that the TON ecosystem is experiencing a positive feedback loop due to the growth in users, TVL, and token price. We believe in the potential of TON and its ability to create a more equitable future.”
Previous Bitget Initiatives in the TON Ecosystem
This new fund is not Bitget’s first venture into the TON ecosystem. On June 25, Bitget’s non-custodial wallet, Bitget Wallet, launched a support package for the TON network, aiming to integrate decentralized applications within the ecosystem. Previously, Bitget introduced the Telegram Signal Bot to streamline direct trading signals across trading communities.
With this new initiative, Bitget and Foresight Ventures aim to drive mass crypto adoption, leveraging the TON ecosystem’s robust growth and potential.
