Major crypto exchange Bitget just unveiled a $20 million fund to jumpstart the growth of the TON (The Open Network) blockchain.
This move is a significant win for TON, a blockchain closely tied to the popular Telegram messaging app with over 900 million monthly users.
Teaming Up for TON’s Future
Partnering with Singapore’s Foresight Ventures, Bitget launched the TON Ecosystem Fund on June 26th.
It aims to nurture early-stage projects building on TON. These projects encompass various applications, often referred to as Decentralized Applications (dApps).
Unlike traditional apps, dApps operate on a blockchain network, offering features like transparency, security, and potential resistance to censorship.
The Bitget and Foresight Ventures fund specifically targets projects developing dApps within the TON ecosystem, aiming to boost not only these applications but also the native token, Toncoin (TON)
Giving TON Projects a Boost
The fund goes beyond just money. It will provide crucial support for project development within the TON ecosystem, including making sure there’s enough liquidity on the Bitget platform for TON-based projects to thrive.
Liquidity refers to the ease with which a cryptocurrency can be bought or sold. By ensuring sufficient liquidity, Bitget aims to create a smooth trading experience for TON-based tokens and attract more users to the TON ecosystem. Benefits of Using DeFi Platforms Over Traditional Finance (US)
This initiative aims to leverage Telegram’s massive user base, potentially bringing even more people into the world of cryptocurrency adoption.
Imagine a scenario where Telegram users can seamlessly interact with decentralized applications built on TON, opening up new possibilities for communication, finance, and more.
TON’s Impressive Rise
By mid-June, TON consistently surpassed Ethereum in daily active addresses for nearly a month. This activity surge has fueled a fivefold increase in TON’s total value locked (TVL) over the past two months, reaching $600 million.
TVL refers to the total value of cryptocurrency locked within DeFi (Decentralized Finance) protocols on a specific blockchain.
A rising TVL suggests growing user interest and activity within the ecosystem. New projects and assets like TON-based Tether (USDT), a stablecoin pegged to the US dollar, DeDust.io, a data privacy solution, and STON.fi, a decentralized finance platform, are contributing to this growth.
Toncoin Soars
The TON ecosystem’s native currency, Toncoin (TON), has also been on a tear. It hit a record high of $8.17 on June 14th and has delivered over 400% gains in 2024 (according to CoinGecko).
This price surge reflects the growing interest and activity within the TON ecosystem.
This fund highlights Bitget and Foresight Ventures’ commitment to widespread crypto adoption.
Bitget CEO Gracy Chen sees the fund as a way to empower the TON ecosystem, fostering its growth and integration within the larger crypto market.
“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 stated.
Bitget Doubles Down on TON
This isn’t Bitget’s first foray into TON. On June 25th, their non-custodial wallet, Bitget Wallet, launched comprehensive support for the TON network, aiming to connect TON’s decentralized applications.
A non-custodial wallet gives users complete control over their private keys, which are essential for accessing their cryptocurrency holdings.
By offering TON network support, Bitget Wallet allows users to easily store, send, and receive TON and TON-based tokens. They also previously introduced a Telegram Signal Bot to streamline trading signals across communities.
These moves demonstrate Bitget’s multi-pronged approach to supporting the TON ecosystem.
The Future of TON
Bitget’s $20 million fund marks a major step for TON’s growth. It underscores Bitget’s dedication to innovation and adoption within the ever-evolving crypto landscape.
With a strong partner in Foresight Ventures, ample resources, and the potential to tap into Telegram’s massive user base, the future of TON appears bright.
The coming months will be interesting to watch as new projects emerge, user activity increases, and TON continues to carve its niche in the blockchain world.