The Open Network (TON), a blockchain and cryptocurrency platform integrated with Telegram, is set to receive a significant boost from a new fund backed by the Bitget crypto exchange.
Bitget has announced the creation of a $20 million TON Ecosystem Fund in partnership with Singapore-based investment firm Foresight Ventures, as shared with Cointelegraph on June 26.
This fund aims to support early-stage projects on the TON platform amidst the growing number of TON-based applications and the increasing value of its native cryptocurrency, Toncoin (TON).
The fund will provide comprehensive support for project development within the TON ecosystem, including offering liquidity on the Bitget platform.
The TON ecosystem has shown remarkable growth in 2024.
According to Delphi Digital, this expansion is driven by Telegram’s substantial monthly user base of 900 million, which brings more users into the crypto space daily.
By mid-June, the TON blockchain consistently recorded more active addresses than Ethereum, nearly every day for almost a month.
Furthermore, the total value locked (TVL) in the TON ecosystem has increased more than fivefold over the past two months, reaching $600 million.
This surge is attributed to the influx of new projects and assets such as TON-based Tether (USDT), DeDust.io, and Ston.fi.
Additionally, Toncoin has been hitting all-time highs, peaking at $8.17 on June 14. CoinGecko data indicates that TON has returned over 400% since the start of 2024.
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Bitget’s new funding initiative, in collaboration with Foresight Ventures, aims to facilitate the mass adoption of crypto.
Bitget CEO Gracy Chen commented on the initiative: “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.”
She added, “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.”
This new fund follows Bitget’s previous efforts to support the rapidly growing TON ecosystem.
On June 25, Bitget’s non-custodial wallet launched a comprehensive support package for the TON network, aiming to connect decentralized applications within the ecosystem.
Bitget had earlier introduced the Telegram Signal Bot to streamline direct trading signals across trading communities.
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