Bitget and Foresight Ventures introduce 20M TON Ecosystem Fund for Innovation Acceleration

Bitget and Foresight Ventures Unveil $20M TON Ecosystem Fund to Fuel Innovation


Ruholamin Haqshanas
Last updated:
June 26, 2024, 09:11 EDT
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2 min read


Bitget, a prominent crypto exchange, in partnership with Singapore’s Foresight Ventures, has launched a $20 million fund dedicated to enhancing the Telegram Open Network (TON).
The fund aims to bolster early-stage projects within the TON ecosystem, focusing on catalyzing innovation, as announced in a recent press release by Bitget.
The $20 million TON Ecosystem Fund is designed to provide comprehensive support, including liquidity provisions on the Bitget platform, to foster project development.
Telegram’s TON Eclipses Ethereum in Growth
This initiative coincides with TON’s robust growth phase, marked by significant milestones. Throughout this month, TON’s daily active addresses have consistently surpassed those of Ethereum, according to Delphi Digital.
Telegram’s vast user base of 900 million users is credited for this achievement, highlighting TON’s expanding influence in the blockchain space. Additionally, the total value locked (TVL) in the TON ecosystem has surged fivefold to $600 million over the past two months.
This growth surge is fueled by new projects and assets like TON-based Tether (USDT), DeDust.io, and Ston.fi. Toncoin, TON’s native cryptocurrency, has also surged to an all-time high of $8.17 on June 14, with impressive returns exceeding 400% since the start of 2024, according to CoinGecko data.
“Our $20 million fund underscores our commitment to promoting cryptocurrency adoption,” stated Gracy Chen, CEO of Bitget. “We see immense potential in TON to create a fairer future. Our Telegram Signal Bot exemplifies our efforts to empower users and enrich their experience.”
Expanding Footprint in TON Ecosystem
The $20 million fund represents Bitget’s latest initiative in the burgeoning TON ecosystem. On June 25, Bitget Wallet, the company’s non-custodial wallet, launched a robust support package for the TON network.
This initiative aims to integrate decentralized applications within the TON ecosystem, solidifying Bitget’s presence in this rapidly evolving landscape. Earlier, Bitget introduced the Telegram Signal Bot to streamline direct trading signals across communities, enhancing trading efficiency and user convenience.
In parallel developments within Telegram, the introduction of “Telegram Stars,” a digital payment feature compatible with iOS and Android, has accompanied the surge in mini apps adoption. Notably, Hamster Kombat recently became Telegram’s top channel with millions of subscribers, underscoring the platform’s growth. Similarly, Pixelverse, a Web3 Telegram-based gaming ecosystem, raised $5.5 million in a recent funding round.
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