The Open Network (TON), a platform that enables blockchain and cryptocurrency ecosystem on the Telegram messenger, is getting another boost with a new fund backed by the Bitget crypto exchange.
Bitget is launching a $20 million TON Ecosystem Fund in alliance with Singapore-based investment firm Foresight Ventures, according to an announcement shared with Cointelegraph on June 26.
The $20 million TON Ecosystem Fund aims to support early-stage projects on TON amid the rise of TON-based applications and the native cryptocurrency, Toncoin (TON).
The fund is designed to fully support project development within the TON ecosystem, including providing liquidity on the Bitget platform, the announcement notes.
The TON ecosystem has been breaking records in 2024
The funding initiative aims to tap the turbulent growth of TON in 2024. According to Delphi Digital, The TON ecosystem’s growth is driven by Telegram’s monthly user base of 900 million, bringing more and more users to crypto daily.
By mid-June, the TON blockchain recorded more active addresses than Ethereum nearly every day for almost a month.
The total value locked (TVL) in the TON ecosystem has also increased more than fivefold over the past two months, reaching $600 million due to the influx of new projects and assets such as TON-based Tether (USDT), DeDust.io, Ston.fi and others.
Additionally, TON’s native Toncoin cryptocurrency has been hitting all-time highs over the past few months, peaking at $8.17 on June 14. According to CoinGecko data, TON has returned more than 400% since the beginning of 2024.
Bitget moves into TON to enable mass adoption of crypto
With the new funding initiative, Bitget and Foresight Ventures ultimately aim to drive mass adoption of crypto, according to Bitget CEO Gracy Chen.
“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,” Bitget CEO Gracy Chen said, adding:
“We believe in the potential of TON and its ability to create a more equitable future. Our Telegram Signal Bot is just one example of how we are empowering the community and enhancing the user experience.”
Related: TON ecosystem flooded with phishing attacks, SlowMist warns
The new TON Ecosystem Fund isn’t the first Bitget effort to move into the fast-growing 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 launched the Telegram Signal Bot, which was designed to streamline direct trading signals across trading communities.
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