Key Takeaways
- This strategic initiative highlights the duo’s commitment to fostering innovation and development within the TON ecosystem.
- The Open Network (TON) has been gaining significant traction, with $TON price reaching a new all-time high lately.
- The $20 million TON Ecosystem Fund aims to fully support the development of projects within the TON ecosystem.
- The fund will actively seek out and support promising projects, providing them with the necessary liquidity to thrive on the Bitget platform.
Bitget, a global digital asset trading platform, has partnered with Foresight Ventures, a Singapore-based investment firm, to launch a $20 million fund aimed at bolstering early-stage projects on The Open Network (TON). This initiative comes as TON’s cryptocurrency, $TON, hits record highs, reflecting growing investor confidence in its underlying technology and market potential.
The Open Network, known for its innovative approach and integration with Telegram’s extensive user base, has seen its daily active addresses surpass those of Ethereum. This growth is supported by Telegram’s nearly 900 million users and is a testament to the network’s scalability and appeal.
The Total Value Locked (TVL) within TON has surged fivefold in just two months, reaching a staggering $600 million. This surge is driven by an influx of new projects and assets, including notable ones like STON.fi, DeDust.io, and TON-USDT.
Tether has also expanded its footprint on the TON blockchain, with its recent authorized issuance of USDT reaching about $580 million, ranking TON as the sixth-largest blockchain for USDT issuance. This milestone underscores the increasing acceptance and utility of TON within the broader crypto ecosystem.
The $20 million TON Ecosystem Fund is aimed to fuel further innovation by providing crucial support and liquidity to nascent projects within the TON ecosystem.
Gracy Chen, CEO of Bitget, highlighted the virtuous cycle of growth within the TON ecosystem, propelled by the increase in users, TVL, and the token’s price. “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,” Chen said in a statement.
The initiative also builds on Bitget’s recent technological advancements, such as the launch of the Telegram Signal Bot in May. This bot, offered free to Telegram group owners, allows for seamless signal sharing and advanced group management, enhancing the monetization of community engagement and expertise.
Read Also: CoinDCX Web3 Mode Enables Users to Invest in 50,000 DeFi Tokens with Indian Rupee
