Bitget, a leading global cryptocurrency exchange with a major operational presence in the UAE, announced a $20 million The Open Network (TON) ecosystem fund in alliance with Singapore-based investment firm Foresight Ventures.
The fund is to support early-stage projects building on the Open Network.
TON has been gaining significant traction, with $TON price reaching a new all-time high lately.
The fund aims to fully support the development of projects within the TON ecosystem by actively seeking out promising projects, providing them with the necessary liquidity to thrive on the Bitget platform.
Gracy Chen, CEO of Bitget, said the company is glad to see that the TON ecosystem is experiencing a positive feedback loop due to the growth in users, TVL, and token price.
“Our $20 million fund is a testament to our commitment to supporting projects that will drive the mass adoption of cryptocurrency as we believe in the potential of TON and its ability to create a more equitable future,” she said.
“Our Telegram Signal Bot is just one example of how we are empowering the community and enhancing the user experience,” she added.
According to Delphi Digital, the TON ecosystem’s growth is bolstered by Telegram’s massive user base of 900 million, pushing the daily active addresses on TON beyond those of Ethereum.
The Flippening CT ignores ?
— Delphi Digital (@Delphi_Digital) June 10, 2024
TON's quiet growth, fueled by Telegram's 900M user base, has driven its daily active addresses above Ethereum.
At its core, TON is a bet on Telegram's distribution. Though the ecosystem is nascent, its early growth is promising. But is it enough? pic.twitter.com/k2b2SMiQJD
The total value locked (TVL) in the TON ecosystem has increased more than fivefold over the past two months, reaching $600 million due to the influx of new projects and assets such as STON.fi, DeDust.io, and TON-USDT.
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