Bitget Invests $30M in TON Blockchain to Boost Telegram Apps Development
The Open Network (TON), a blockchain platform linked to Telegram, has secured additional funding from Bitget and Foresight Ventures.
On September 18, Bitget announced a $30 million investment aimed at accelerating the development of TON-based applications on Telegram, particularly in the play-to-earn (P2E) gaming sector with games like Hamster Kombat and Notcoin.
Bitget and Foresight Ventures are deepening their involvement in TON’s ecosystem by acquiring Toncoin (TON), the utility token powering decentralized applications (DApps) within the platform. Their investment is expected to give them a stronger role in shaping the blockchain’s governance and future projects.
Bitget CEO Gracy Chen highlighted the partnership as a key step in advancing innovative solutions within TON’s decentralized framework, emphasizing the synergy between Bitget’s crypto infrastructure expertise and TON’s architecture.
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Since Telegram introduced Mini Apps in 2023, the TON ecosystem has experienced explosive growth, with DApps such as Notcoin and Hamster Kombat driving adoption. As of now, the total value locked (TVL) in TON-based projects stands at $403.5 million, a sharp increase of over 2,700% since the start of the year, according to DefiLlama data.
Foresight Ventures co-founder Forest Bai described TON’s growth as one of the most significant opportunities in the crypto space for 2024 and beyond. With over 1,000 DApps and millions of users, Foresight is committed to supporting the ecosystem’s continued expansion by backing developers with investment, incubation, and marketing support.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
