In a strategic move set to drive innovation and support within the cryptocurrency sector, Bitget, a leading cryptocurrency exchange and Web3 company, has announced the launch of a $20 million TON Ecosystem Fund. This initiative, in partnership with Singapore-based investment firm Foresight Ventures, aims to nurture and support early-stage projects building on The Open Network (TON).
The Open Network (TON) has been making significant strides in the crypto space, with its $TON token reaching an all-time high recently. According to insights from Delphi Digital, the ecosystem’s rapid growth can be attributed to Telegram’s massive user base of 900 million, which has pushed daily active addresses on TON beyond those of Ethereum. This development is a clear indicator of TON’s burgeoning potential and the increasing interest from both users and developers.
The Total Value Locked (TVL) in the TON ecosystem has seen an impressive increase, more than fivefold over the past two months, reaching $600 million. This surge is driven by the influx of new projects and assets such as STON.fi, DeDust.io, and TON-USDT. Additionally, according to Tether’s official transparency page, the authorized issuance of USDT on the TON blockchain has grown to approximately $580 million, making it the sixth-largest blockchain for USDT issuance, trailing behind TRON, Ethereum, Solana, Avalanche, and Omni.
The newly established $20 million TON Ecosystem Fund is designed to fully support the development of projects within the TON ecosystem. By leveraging Telegram’s vast user base, Bitget aims to drive the mass adoption of cryptocurrency and contribute to creating a more equitable future through the evolution of crypto. The fund will actively seek out and support promising projects, providing them with the necessary liquidity to thrive on the Bitget platform.
Gracy Chen, CEO of Bitget, expressed her enthusiasm about 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. At Bitget, we are dedicated to fostering innovation within the TON ecosystem. Our $20 million fund is a testament to our commitment to supporting projects that will drive the mass adoption of cryptocurrency. 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.”
The launch of the Telegram Signal Bot in May marked a significant milestone for Bitget, and the introduction of the TON Ecosystem Fund further underscores the company’s commitment to innovation. The Telegram Signal Bot is a groundbreaking tool designed to enhance the Telegram experience for group owners, available at no cost. It allows group owners to easily share signals with their community, monetizing their expertise and knowledge. Key features of the Telegram Signal Bot include a one-click signal-sharing capability and advanced group management tools, ensuring high-quality follower engagement and continual access to updated Telegram functionalities.
Foresight Ventures’ involvement in the fund brings an additional layer of expertise and strategic support. With over 15 years of experience and a track record of guiding over 100 IPOs across mainboard and SME platforms globally, Foresight Ventures is well-positioned to contribute to the success of the TON Ecosystem Fund. The firm continues to set benchmarks in the capital markets with its unparalleled knowledge and strategic foresight.
The partnership between Bitget and Foresight Ventures is a significant step towards driving growth and innovation within the TON ecosystem. By providing early-stage projects with the necessary resources and support, the fund aims to accelerate the development of transformative technologies and solutions. This collaboration not only provides crucial financial backing but also significantly enhances the market credibility of the supported projects, positioning them for future success.
As Bitget and Foresight Ventures embark on this exciting journey, the $20 million TON Ecosystem Fund stands as a testament to their shared vision of fostering innovation and driving the mass adoption of cryptocurrency. With the support of these industry leaders, the future of the TON ecosystem looks promising, and the potential for transformative growth is immense.
