Telegram and crypto: Bitget launches $20M TON ecosystem fund

The Open Network (TON) blockchain and cryptocurrency ecosystem, tightly integrated with the Telegram messenger, is getting another boost thanks to a new fund launched by cryptocurrency exchange Bitget.

According to a post on Cointelegraph, Bitget has launched a $20 million TON ecosystem fund in partnership with Singapore-based investment firm Foresight Ventures.

The $20 million TON Ecosystem Fund aims to support projects in the early stages of TON development as the number of TON-based applications and its native cryptocurrency Toncoin (TON) increases.

The main purpose of the fund is to fully support the development of projects within the TON ecosystem, including providing liquidity on the Bitget platform.

In 2024, the TON ecosystem will break all records

The goal of the investment initiative is to ensure the rapid growth of TON in 2024. According to Delphi Digital, the development of the TON ecosystem is driven by the growth of Telegram's 900 million monthly user base, which attracts more and more users to the cryptocurrency every day.

By mid-June, the TON blockchain recorded more active addresses than Ethereum almost every day for a month.

The total value locked (TVL) in the TON ecosystem has also grown more than fivefold in the past two months, surpassing $600 million thanks to the influx of new projects and assets such as TON-based Tether (USDT), DeDust.io, STON. fi and others.

In addition to the above, TON’s own cryptocurrency, Toncoin, has reached historical highs over the past few months, peaking at $8.17 on June 14. According to CoinGecko data, TON has grown by more than 400% since the beginning of 2024.

To popularize cryptocurrency, Bitget will join TON

According to Bitget CEO Gracy Chen, as part of the new financial initiative, Bitget and Foresight Ventures aim to promote mass adoption of cryptocurrencies.

“We are pleased that the TON ecosystem has received positive feedback through the growth in user numbers, TVL and token price,” said Chen, adding that they are confident that TON can become a more accessible and effective tool for promoting equality and fairness.

Our Telegram Signal Bot is just one example of how we are helping the community and improving the user experience."

The new TON Ecosystem Fund is not Bitget's first attempt to integrate into the fast-growing TON ecosystem.

On June 25, Bitget's non-custodial wallet, Bitget Wallet, unveiled a comprehensive TON network support package designed to unify decentralized applications within the TON ecosystem.

Previously, Bitget introduced the Telegram Signal Bot, which was designed to streamline direct trading signals in trading communities.