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Bitget and Foresight Ventures Inject $30M into TON Blockchain to Enhance Development

Blockchain

Business Honor
19 September, 2024

Investment focuses on enhancing Telegram’s play-to-earn applications and governance engagement.

In a significant move for the cryptocurrency space, Bitget and Foresight Ventures have announced a planned investment of $30 million in The Open Network (TON) blockchain. This funding, revealed on September 18, aims to scale the development of decentralized applications (DApps) on Telegram, particularly targeting major play-to-earn (P2E) games like Hamster Kombat and Notcoin.

The investment will be channeled through the acquisition of Toncoin (TON), a utility token vital for operating within the TON ecosystem. By deepening their involvement, both companies plan to engage more actively in TON's governance and future development strategies. Bitget’s CEO, Gracy Chen, highlighted the partnership as a foundation for driving innovative initiatives that align with their vision for crypto infrastructure.

The TON blockchain has grown rapidly since the release of Telegram Mini Apps in 2023. The total value locked (TVL) increased by more than 2,700% this year to $403.5 million in TON projects, according to data from DefiLlama. More than 1,000 DApps are currently available in the ecosystem, many of which have millions of users.

In the years ahead, the TON ecosystem's expansion offers a huge possibility for growth in the cryptocurrency market, according to Forest Bai, co-founder of Foresight Ventures. The businesses aim to provide financing, incubation, and marketing initiatives to promote developers inside the ecosystem.

With the recent revelation that it has surpassed 45 million users worldwide, almost tripling its user base in a year, Bitget is also seeing significant growth at this time. With this calculated expenditure in TON, both Bitget and Foresight Ventures are poised to play a crucial role in shaping the future of blockchain applications on Telegram.