The cryptocurrency exchange Bitget is enhancing the growing TON ecosystem with a substantial $20 million fund.
The Open Network (TON), a platform enabling blockchain and cryptocurrency integration on the Telegram messenger, is set to receive a significant boost. Bitget has announced the launch of a $20 million TON Ecosystem Fund, in partnership with Singapore-based investment firm Foresight Ventures.
The primary goal of the fund is to support early-stage projects within the TON ecosystem, amidst the growing number of TON-based applications and the increasing value of its native cryptocurrency, Toncoin (TON). The fund aims to provide comprehensive support for project development, including offering liquidity on the Bitget platform.
Record-Breaking Growth of the TON Ecosystem
In 2024, the TON ecosystem has seen remarkable growth. According to Delphi Digital, this expansion is driven by Telegram’s vast user base of 900 million monthly users, which is bringing more people into the cryptocurrency space daily.
By mid-June, the TON blockchain had recorded a significant increase in activity, with the total value locked (TVL) in the ecosystem growing more than fivefold over the past two months to reach $600 million. This surge is attributed to the introduction of new projects and assets, such as TON-based Tether (USDT), DeDust.io, and Ston.fi.
Additionally, Toncoin has been reaching new heights, with its value peaking at $8.17 on June 14. Data from CoinGecko shows that TON has achieved a return of more than 400% since the beginning of 2024.
Bitget’s Commitment to Mass Adoption of Crypto
With this new fund, Bitget and Foresight Ventures aim to promote the widespread adoption of cryptocurrency. Bitget CEO Gracy Chen expressed optimism about the positive feedback loop created by the growing user base, increased TVL, and rising token prices in the TON ecosystem.
“We are excited to witness the positive developments in the TON ecosystem due to the growth in users, TVL, and token price,” said Gracy Chen. “We believe in the potential of TON to foster a more equitable future. Our Telegram Signal Bot is one example of how we are empowering the community and enhancing user experience.”
Summary Review: The $20 million TON Ecosystem Fund by Bitget is a significant step towards supporting and expanding the TON ecosystem, leveraging the extensive user base of Telegram to drive further adoption and innovation in the cryptocurrency space.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
