- Bitget and Foresight Ventures announced a $30 million investment in The Open Network.
- These companies will purchase TON tokens and support GameFi and tap-to-earn projects.
Cryptocurrency exchange Bitget and web3 investment firm Foresight Ventures have announced a $30 million strategic investment in the TON blockchain.
In a September 18 announcement, the two companies said the investment would be made through the acquisition of Toncoin (TON) tokens. The partnership also seeks to accelerate the growth of The Open Network’s GameFi and Tap to Earn ecosystems.
TON Ecosystem Growth
Bitget and Foresight Ventures will also invest in new trends across the TON network, which will help Telegram grow in the web3 ecosystem. Telegram has over 900 million users, which has played a major role in TON’s growth as a leading blockchain network.
Gracie Chen, CEO of Bitget, said the investment is in line with the cryptocurrency exchange’s continued support for TON.
“By combining our expertise in cryptocurrency infrastructure with TON’s decentralized architecture, we are well positioned to accelerate the development of innovative products and solutions. Together, we are bringing the cryptocurrency industry closer to mass adoption than ever before,” added Bitget CEO.
Catizen, DOGS and other TON dApps
In addition to the surge in on-chain transactions, TON has also seen significant pumps in total value locked and decentralized exchange volume, among other metrics. This growth has come amidst the massive interest and adoption in projects like Hamster Kombat, Catizen, and DOGS.
Bitget partnered with DOGS for the airdrop in August, and introduced advanced integration of TON dApps in early June.
Foresight Ventures co-founder and CEO Forrest Bai said the rapid growth of TON TVL over the past six months suggests that the blockchain ecosystem could see explosive growth in the next three to five years.
According to Baidu, the partnership will provide additional support to developers and enable new growth through incubation, investment and marketing support.
With the $30 million investment, Bitget and Foresight Ventures will increase their involvement in TON governance and future plans. TON continues to grow, but the blockchain network has been anything but cruising over the past month or so.
The launch of DOGS caused a network outage, and congestion led to massive outages. The price of Toncoin also fell after Telegram CEO Pavel Durov was arrested in France.