Bitget and Foresight Ventures Unveil $20 Million Initiative to Propel TON Ecosystem Growth
In a significant move that underscores the burgeoning appeal of The Open Network (TON), Bitget, a premier cryptocurrency exchange and Web3 entity, in collaboration with Singapore’s Foresight Ventures, has introduced a $20 million TON Ecosystem Fund. This fund is dedicated to nurturing early-stage endeavours on TON, aiming to accelerate innovation and stimulate ecosystem development.
The momentum behind TON is unmistakable, with its native token hitting unprecedented highs recently. Analysis from Delphi Digital reveals that this surge is propelled by the integration of Telegram’s vast 900 million-strong user base, catapulting TON’s daily active addresses ahead of Ethereum’s. A remarkable uptick has been observed in the Total Value Locked (TVL) within TON’s domain, which has quintupled in the last two months, touching the $600 million mark, thanks in part to the introduction of new projects and assets like STON.fi, DeDust.io, and TON-USDT.
Equally noteworthy is the ascent of TON as a preferred realm for USDT issuance, with Tether confirming an authorised issuance volume close to $580 million on the TON blockchain. This ranks TON sixth amongst blockchains for USDT issuance, trailing behind leading contenders like TRON, Ethereum, Solana, Avalanche, and Omni.
The $20 million earmarked for the TON Ecosystem Fund is poised to significantly bolster the growth of projects within this ecosystem. Leveraging Telegram’s expansive user reach, Bitget is aligned with the overarching mission to mainstream cryptocurrency adoption and champion a fairer, crypto-powered future. The fund seeks to empower promising projects with the requisite liquidity for success on the Bitget platform.
Gracy Chen, Bitget’s CEO, shared insights on the initiative: “The TON ecosystem is riding a wave of positive momentum, fuelled by an expanding user base, heightened TVL, and rising token values. At Bitget, we are deeply invested in nurturing the TON landscape. Our $20 million allocation underscores our commitment to supporting innovative projects that promise to catalyse widespread cryptocurrency adoption. We are bullish on TON’s prospects and its potential to democratize the future. Our activities, like the Telegram Signal Bot, exemplify our efforts to empower the community and elevate the user journey.”
Following the introduction of the Telegram Signal Bot earlier in May, Bitget continues to lead with forward-thinking initiatives like the TON Ecosystem Fund. The Telegram Signal Bot, a revolutionary offering designed to amplify the Telegram group experience, allows group admins to seamlessly disseminate signals, thereby monetizing their insights and expertise. With features ranging from one-click signal sharing to advanced group management tools, the bot ensures engaging follower interaction and access to the latest Telegram updates.
About Bitget
Since its inception in 2018, Bitget has emerged as a global leader in the cryptocurrency and Web3 arena, serving over 25 million users across more than 100 countries. Known for its trade-smart capabilities, including a pioneering copy trading feature, Bitget facilitates enriched trading experiences. The Bitget Wallet (formerly BitKeep) stands as a top-tier multi-chain cryptocurrency wallet, offering comprehensive Web3 functions like wallet services, swapping, NFT Marketplace, DApp browsing, and more. Bitget’s commitment to popularizing cryptocurrency is evident in its strategic partnerships with icons like Lionel Messi and renowned Turkish athletes, embodying the brand’s vision for empowering individuals to embrace crypto.
For further details, visit Bitget’s official channels:
- Website: [Bitget’s Website]
- Twitter: [Bitget on Twitter]
- Telegram: [Bitget on Telegram]
- LinkedIn: [Bitget on LinkedIn]
- Discord: [Bitget on Discord]
- Bitget Wallet: [More about Bitget Wallet]
