Telegram’s blockchain platform, The Open Network (TON), is set to benefit from a substantial financial injection from Bitget and Foresight Ventures, enhancing the development of TON applications within Telegram.
On Sept. 18, Bitget announced a strategic investment of $30 million into TON. This funding aims to bolster major play-to-earn (P2E) games on Telegram, highlighting titles such as Hamster Kombat and Notcoin.
The investment from Bitget and Foresight will be channeled through the purchase of Toncoin (TON), the utility token essential for running decentralized applications (DApps) on the TON ecosystem. This move is expected to deepen their involvement in TON’s governance and its future development trajectory.
“As Bitget continues to BUIDL around The Open Network, our partnership with the TON blockchain provides a solid foundation for driving initiatives that align with our vision,” said Bitget CEO Gracy Chen. She added:
“By integrating our expertise in crypto infrastructure with TON’s decentralized architecture, we are well-positioned to strengthen the development of innovative products and solutions.”
The TON ecosystem has experienced a significant surge since the introduction of Telegram Mini Apps in 2023, driven by rapid adoption rates of DApps like Notcoin and Hamster Kombat. Current statistics from DefiLlama show the total value locked (TVL) in TON projects at $403.5 million, marking a dramatic increase from the start of the year.
Foresight Ventures’ co-founder and CEO, Forest Bai, sees the expansion within the TON ecosystem as a prime market opportunity for the coming years.
“The ecosystem currently boasts over 1,000 DApps, with many applications having millions of users,” Bai noted, expressing Foresight’s commitment to further nurturing the developer community within the TON ecosystem through investment, incubation, and marketing efforts.
Alongside the investment news, Bitget also announced a significant user growth, reaching 45 million globally and ranking as the fourth largest crypto exchange by trading volume, with daily volumes peaking at $1.5 billion. This growth reflects the rising interest in innovative projects, particularly those affiliated with platforms like TON.