Bitget And Foresight Ventures Invest $30M In TON To Accelerate Growth Of Telegram-Based Projects

Published: September 18, 2024 at 8:30 am Updated: September 18, 2024 at 8:30 am

Edited and fact-checked:
September 18, 2024 at 8:30 am

In Brief

Bitget and Foresight Ventures invest $30 million in TON to boost the growth of Tap-to-Earn, GameFi, and other trends within its ecosystem.

Cryptocurrency exchange Bitget and Web3 investment firm Foresight Ventures have revealed a strategic investment of $30 million in The Open Network (TON) blockchain. This funding will be directed toward the acquisition of TON tokens and aims to boost the growth of Tap-to-Earn, GameFi, and other emerging trends within the TON ecosystem.

“As Bitget continues to build around The Open Network, our partnership with the TON blockchain provides a solid foundation for driving initiatives that align with our vision,” said Gracy Chen, Chief Executive Officer at Bitget, in a written statement. “By integrating our expertise in crypto infrastructure with TON’s decentralized architecture, we are well-positioned to strengthen the development of innovative products and solutions. Together, we are bringing the crypto industry closer to mass adoption than ever before,” she added.

The TON-based projects offer a compelling use case for the ecosystem of messaging application Telegram, which has seen substantial growth as it expands its offerings for Web3 startups. According to a recent report from Bitget Research, the TON blockchain, bolstered by Telegram‘s 900 million users, has quickly emerged as one of the fastest-growing blockchains of 2024. It has experienced more than tenfold growth in on-chain transactions, ecosystem TVL, and DEX trading volume, leading to popular decentralized applications (dApps) like Catizen, DOGS, and Tomarket, each attracting millions of users.

This investment in the TON blockchain coincides with notable growth in Bitget’s user base. By prioritizing ecosystem development and service expansion, its global user count surged to 45 million in Q3 2024, nearly doubling over the past year, partially driven by the rising demand for innovative projects, particularly those supported by platforms like TON.

With the $30 million investment, Bitget and Foresight Ventures intend to take a more active role in the governance and future development of the TON blockchain, aiming to foster the emergence and market success of additional high-impact dApps on the platform.

Bitget Launches $20M TON Ecosystem Fund With Foresight Ventures And Partners With Tomarket To Boost Blockchain Innovation

A leading derivatives exchange known for its substantial trading volumes and a global user base of over 19 million, Bitget recently announced a partnership with Foresight Ventures to establish a $20 million TON Ecosystem Fund. This fund is designed to support early-stage projects within the TON ecosystem.

Additionally, it has entered into a collaboration with Tomarket, a TON ecosystem decentralized asset trading platform to jointly drive innovation and growth. This platform facilitates the trading of various asset types, including real-world assets (RWAs), cryptocurrency bond yields, points, and pre-circulation tokens.

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About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

Alisa Davidson