Telegram-linked blockchain platform, The Open Network (TON), has received another financial boost from Bitget and Foresight Ventures.
Bitget officially announced on Sept. 18 a $30 million strategic investment in the TON blockchain in a move to scale the development of TON applications on Telegram.
The company emphasized that the investment specifically targets major play-to-earn (P2E) games on Telegram, such as Hamster Kombat and Notcoin.
Bitget and Foresight to increase involvement in TON’s governance
Bitget and Foresight’s investment in the TON blockchain will be distributed through the acquisition of Toncoin (TON), a utility token enabling decentralized applications (DApps) within the TON ecosystem.
By investing in TON, Bitget and Foresight expect to “become more deeply involved in TON Blockchain’s governance and future development plans.”
“As Bitget continues to BUIDL around The Open Network, our partnership with the TON blockchain provides a solid foundation for driving initiatives that align with our vision,” Bitget CEO Gracy Chen said in an announcement shared with Cointelegraph. He added:
“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.”
TON ecosystem surge is the “biggest growth opportunity” on the market
Since Telegram debuted Telegram Mini Apps in 2023, the TON blockchain has recorded massive growth, significantly contributed by the rapid adoption of DApps like Notcoin and Hamster Kombat.
According to data from DefiLlama, the total value locked (TVL) in various TON projects amounts to $403.5 million at the time of writing, up more than 2,700% from Jan. 1.
TVL on The Open Network since 2023. Source: DefiLlama
According to Foresight Ventures co-founder and CEO Forest Bai, the surge in the TON ecosystem represents the biggest growth opportunity in the cryptocurrency market in 2024 and in the next three to five years.
“The ecosystem currently boasts over 1,000 DApps, with many applications having millions of users,” Bai stated, adding that Foresight aims to continue supporting developers within the TON ecosystem by providing investment, incubation and marketing support.
Bitget posts sufficient growth in 2024, too
The investment comes amid Bitget posting notable growth in 2024 as well. On Sept. 18, the crypto exchange officially announced breaking a new milestone of reaching 45 million users globally, almost doubling its user base in the past 12 months.
Related: USDT on TON chain surpasses $1 billion: Token Terminal
The company said that Bitget has also made it to become the fourth-largest crypto exchange by trading volumes. According to data from CoinGecko, Bitget’s daily trading volumes amounted to $1.5 billion at the time of writing.
Bitget’s 45 million users announcement. Source: Bitget
According to Bitget, the surge in the crypto exchange has been partly attributed to the increasing demand for innovative projects, including those driven by platforms like TON.
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