Bitget and Foresight Ventures have said they will invest $30 million in The Open Network (TON) blockchain. This is meant to help the growth of Telegram apps.
The planned investment, which was made public on September 18, is meant to grow play-to-earn (P2E) games in the Telegram environment, such as Hamster Kombat and Notcoin.
The funds will be spread out by buying Toncoin (TON), which is the blockchain’s original utility token and supports decentralized applications (DApps).
TON Surpasses $403M TVL
Both companies want to play a major part in running TON and shaping its growth. The CEO of Bitget, Gracy Chen, said that the relationship was a major step toward the company’s major goals. DefiLlama says that TON’s ecosystem has grown quickly since Telegram Mini Apps were added in 2023.
As of today, the ecosystem has a total value locked (TVL) of $403.5 million, which is a 2,700% rise since January. Forest Bai, CEO of Foresight Ventures, said that the growth in the TON ecosystem was the major chance for growth in the cryptocurrency area after 2024.
At the moment, the ecosystem serves more than 1,000 DApps, and many of them have millions of users. Foresight Ventures wants to keep helping developers in the token network with marketing, investments, and starting up new businesses.
Bitget is having a great year in 2024. It has reached 45 million people around the world, almost doubling its user base in a year. CoinGecko says that Bitget is now the fourth-largest cryptocurrency exchange by selling volume, with $1.5 billion worth of trades happening every day. The company says that its growth is due to more people wanting to work on new blockchain projects like the token.
