Bitget crypto exchange is the latest firm to boost the record-breaking TON ecosystem with a new $20 million fund
The Open Network (TON), a platform that facilitates the blockchain and cryptocurrency ecosystem on the Telegram messenger, is receiving an additional impetus from a new fund supported by the Bitget crypto exchange.
An announcement shared with Cointelegraph on June 26 announced that Bitget is collaborating with Singapore-based investment firm Foresight Ventures to establish a $20 million TON Ecosystem Fund.
The $20 million TON Ecosystem Fund is designed to support early-stage initiatives on TON in response to the increasing popularity of TON-based applications and the native cryptocurrency, Toncoin (TON).
The fund is intended to provide comprehensive support for project development within the TON ecosystem, including liquidity on the Bitget platform, as stated in the announcement.
The objective of the funding initiative is to capitalize on the tumultuous expansion of TON in 2024. Delphi Digital asserts that the TON ecosystem’s expansion is fueled by Telegram’s 900 million monthly consumers, which attracts an increasing number of individuals to cryptocurrency daily.
Almost every day for nearly a month, the TON blockchain recorded more active addresses than Ethereum by mid-June.
The influx of new initiatives and assets, including TON-based Tether (USDT), DeDust.io, and Ston.
Fi and others have resulted in a more than fivefold increase in the TON ecosystem’s total value locked (TVL) over the past two months, reaching $600 million.
“We are pleased to observe that the TON ecosystem is undergoing a positive feedback loop due to the increase in users, TVL, and token price,” stated Gracy Chen, CEO of Bitget.
“We are confident in the potential of TON and its capacity to establish a more just future.” Our Telegram Signal Bot is merely one illustration of how we are improving the user experience and empowering the community.
