Bitget, a prominent crypto exchange, has announced a $20 million fund to support the growth of The Open Network (TON) ecosystem. This initiative, launched in partnership with Singapore-based investment firm Foresight Ventures, was revealed in an announcement shared with Cointelegraph on June 26.
The TON Ecosystem Fund is designed to support early-stage projects on TON, a blockchain and cryptocurrency platform integrated with the Telegram messenger. The fund aims to facilitate project development within the TON ecosystem, providing liquidity on the Bitget platform.
Record-Breaking Growth in the TON Ecosystem
The TON ecosystem has seen unprecedented growth in 2024. According to Delphi Digital, Telegram’s monthly user base of 900 million has significantly contributed to the increase in crypto users. By mid-June, the TON blockchain recorded more active addresses than Ethereum almost every day for nearly a month.
The total value locked (TVL) in the TON ecosystem has surged over fivefold in the past two months, reaching $600 million. This growth is driven by new projects and assets like TON-based Tether (USDT), DeDust.io, and Ston.fi.
Additionally, TON’s native cryptocurrency, Toncoin (TON), has hit all-time highs, peaking at $8.17 on June 14. According to CoinGecko, TON has returned more than 400% since the beginning of 2024.
Driving Mass Adoption of Crypto
Bitget’s CEO, Gracy Chen, emphasized that the new fund aims to drive mass adoption of crypto. “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,” said Chen. “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 TON Ecosystem Fund is part of Bitget’s broader efforts to integrate into the TON ecosystem. On June 25, Bitget’s non-custodial wallet, Bitget Wallet, launched a support package for the TON network to connect decentralized applications within the ecosystem. Previously, Bitget introduced the Telegram Signal Bot to streamline direct trading signals across trading communities.
