TON (Open Network), a platform that implements a blockchain and cryptocurrency ecosystem on the Telegram messenger, is getting another boost with a new fund backed by cryptocurrency exchange Bitget.
According to an announcement shared with Cointelegraph on June 26, Bitget will launch a $20 million TON ecosystem fund in partnership with Singapore-based investment firm Foresight Ventures.
The $20 million TON Ecosystem Fund aims to support early-stage projects in TON amid the growth of TON-based applications and its native cryptocurrency, Toncoin (TON).
The fund is designed to fully support project development within the TON ecosystem, including providing liquidity to the Bitget platform.
TON ecosystem breaks records in 2024.
This funding initiative aims to fuel TON’s explosive growth in 2024. According to Delphi Digital, the growth of the TON ecosystem is driven by Telegram’s 900 million monthly user base, which is bringing more and more users to cryptocurrency every day.
By mid-June, the TON blockchain had recorded more active addresses than Ethereum almost every day for almost a month.
The total value locked (TVL) of the TON ecosystem has also increased more than fivefold in the past two months, reaching $600 million, driven by the influx of new projects and assets such as TON-based Tether (USDT), DeDust.io, and Ston. .fi and others.
Additionally, TON’s native Toncoin cryptocurrency has been hitting record highs over the past few months, hitting a high of $8.17 on June 14. According to CoinGecko data, TON has gained more than 400% since the beginning of 2024.
Bitget moves to TON for mass adoption of cryptocurrency.
With the new funding plan, Bitget and Foresight Ventures ultimately aim to drive mass adoption of cryptocurrencies, according to Bitget CEO Gracy Chen.
Gracy Chen, CEO of Bitget, added, “We are pleased to see that the TON ecosystem is experiencing a positive feedback loop with an increase in users, TVL, and token price.”
“We believe in TON’s potential and its ability to create a more equitable future. Telegram Signal Bot is just one example of how we empower our community and improve the user experience.”
Related: TON ecosystem is riddled with phishing attacks, SlowMist warns
The new TON Ecosystem Fund is not Bitget’s first effort to move into the fast-growing TON ecosystem.
On June 25, Bitget Wallet, Bitget’s non-custodial wallet, launched a comprehensive support package for the TON network, aiming to connect decentralized applications within the TON ecosystem.
Previously, Bitget launched the Telegram Signal Bot, designed to streamline direct trading signals across the trading community.
magazine: Crypto Game Rewards Are ‘Not Important’, Farmville Creator Makes Case for Beta Launch: Web3 Gamer