Bitget and Foresight Ventures Invest $30M to Support Telegram-Based Projects

Crypto exchange Bitget and web3 venture capital firm Foresight Ventures have jointly invested $30 million in The Open Network (TON) Blockchain to boost the adoption of emerging trends within the TON ecosystem.

According to the official announcement, the joint $30 million was executed through the acquisition of $TON, the native token of the TON protocol.

The fund will primarily focus on Tap-to-Earn and GameFi models that reward users with tokens for engagement. Bitget noted that the investment will foster growth and development within the TON network. The crypto exchange believes the move will drive mainstream adoption of TON-based projects, supporting Web3 innovation and expansion within the TON network.

Not the First

Bitget noted that this is not the first time it has supported the growth of the TON ecosystem. The company’s mobile wallet, Bitget Wallet, impacted the TON ecosystem through TONNECT 2024, an online event accelerating emerging dApp growth.

The initiative leveraged the growing user interest in TON within Bitget’s decentralized wallet. In Nigeria, Bitget Wallet topped Apple’s App Store charts, surpassing TikTok and WhatsApp, thereby showing the rising adoption of decentralized finance (DeFi).

Does TON Merit the Investment?

The TON Blockchain has experienced rapid growth in 2024, becoming one of the fastest-growing blockchains. With its connection to Telegram’s massive 950 million user base, TON has seen a significant increase in activity. 

According to a recent report by Bitget Research, on-chain transactions, ecosystem Total Value Locked (TVL), and DEX trading volume have all grown by over 10 times. This growth is largely driven by popular telegram apps such as Notcoin, Catizen, DOGS, and TADA, which have collectively amassed millions of users.

Telegram’s support for Web3 startups has contributed to TON’s success. As the ecosystem grows, TON seems to be positioned for mass adoption. Notably, With its growing user base, the blockchain is becoming a major player in the Web3 space, trailing behind other blockchain giants like Solana.