Crypto exchange Gate.io has announced a $10 million investment in The Open Network (TON) blockchain to support Telegram-based projects. The update comes as Toncoin’s price is experiencing a slight decline.
Gate.io Invests $10M in TON
The announcement unveiled the exchange’s claim to use the investment in enhancing the Telegram experience, including developing a CeFi-driven mini-app and integrating Gate Wallet. The mini-app will provide access to centralized finance services, while the wallet integration will enable digital asset management directly within the platform.
The exchange further noted that the investment will strengthen its commitment to the TON blockchain, enabling deeper involvement in governance and development to drive growth, innovation, and long-term success.
To further show its support for the Telegram-linked blockchain, Gate.io announced its participation in the TON Society’s Hackers League hackathon event. It claims to have contributed a prize pool of up to $2 million to encourage innovative solutions and foster the network’s adoption and development.
Why TON Blockchain?
Gate.io believes Telegram’s expansion into Web3, presents a prime opportunity for TON-based projects to achieve widespread adoption. Concerning this, the exchange CEO and founder Lin Han said:
“The TON ecosystem holds strong potential due to its large Telegram user base and fast, low-cost blockchain technology. This makes it an ideal platform for attracting Web3 applications and developers, with promising prospects for large-scale user growth and network effects.”
Meanwhile, it seems other Web3 firms concur with the above statement. Recently, Bitget, a crypto exchange, and Foresight Ventures, a Web3 venture capital firm, have co-invested $30 million in TON. This joint investment aims to support emerging trends and the adoption of the Telegram-linked blockchain.
TON Keeps Growing
The TON Blockchain has seen rapid growth in 2024, thanks to its connection to Telegram’s massive 950 million user base. This partnership has led to a significant increase in its on-chain activity. Recent data from Bitget Research shows impressive gains in key areas, including on-chain transactions and Total Value Locked (TVL).
Popular Telegram apps like Notcoin, Catizen, DOGS, and TADA have driven this growth, attracting millions of users. These apps have helped establish TON as a leading blockchain, positioning it for continued innovation and expansion.
