Tuesday, July 23, 2024

Bitget, Foresight Ventures launch $20-M TON Ecosystem Fund

Cryptocurrency exchange and Web3 company Bitget has announced a $20-million TON Ecosystem Fund in alliance with Singapore-based investment firm Foresight Ventures, aiming to support early-stage projects building on The Open Network (TON).

The Open Network (TON) has been gaining significant traction, with $TON price reaching a new all-time high lately. According to Delphi Digital, the ecosystem’s growth is bolstered by Telegram’s massive user base of 900 million, pushing the daily active addresses on TON beyond those of Ethereum.

The Total Value Locked (TVL) in the TON ecosystem has increased more than fivefold over the past two months, reaching $600 million due to the influx of new projects and assets such as STON.fi, DeDust.io, and TON-USDT.

According to Tether’s official transparency page, the authorized issuance of USDT on the TON blockchain has grown to approximately $580 million, making it the sixth-largest blockchain for USDT issuance, after TRON, Ethereum, Solana, Avalanche, and Omni.

The $20 million TON Ecosystem Fund aims to fully support the development of projects within the TON ecosystem. By leveraging Telegram’s vast user base, Bitget aligns with its vision of driving mass adoption of cryptocurrency and creating a more equitable future through crypto evolution.

The fund will actively seek out and support promising projects, providing them with the necessary liquidity to thrive on the Bitget platform.

Gracy Chen, CEO of Bitget, commented: “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. At Bitget, we are dedicated to fostering innovation within the TON ecosystem.

“Our $20 million fund is a testament to our commitment to supporting projects that will drive the mass adoption of cryptocurrency. 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.”

Following the launch of Telegram Signal Bot in May, Bitget continues to innovate with the TON Ecosystem Fund. Bitget Wallet, as the onchain extension of the Bitget ecosystem, has completed the integration of the TON mainnet.

It has also added support for TON Connect, allowing users to connect to TON-related dApps easily. Additionally, Bitget Wallet introduced a Tap2Earn zone, gathering a wide range of trendy Tap2Earn projects within the TON ecosystem.

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