TON Raises $30M From Bitget for Expansion

Bitget, a cryptocurrency exchange, and Foresight Ventures, an investment firm specializing in Web3 technology, have invested $30 million in The Open Network (TON Blockchain).

In a press release sent to CryptoNews, the company stated that the funding obtained through the procurement of TON tokens is intended to expedite the adoption of GameFi, Tap-to-Earn models, and other emerging trends within the TON ecosystem.

TON is a blockchain that has garnered momentum within the Telegram ecosystem by capitalizing on the platform’s 900 million users.

TON Emerges as One of the Most Rapidly Growing Blockchains

TON has experienced significant growth across several metrics, making it one of the fastest-growing blockchains in 2024, according to a recent report from Bitget Research.

The prominence of decentralized applications (dApps) such as Catizen, DOGS, and Tomarket, which have attracted millions of users, has led to a surge in on-chain transactions, total value locked (TVL), and decentralized exchange (DEX) trading volumes.

Forest Bai, the co-founder and CEO of Foresight Ventures, stated that TON’s TVL has increased by 18 times in the last six months, reaching $350 million.

Additionally, he stated that the ecosystem contains more than 1,000 decentralized applications (dApps), with many of these applications having millions of users.

Bitget’s investment in the TON blockchain coincides with the exchange’s ongoing expansion.

The exchange’s global user base has doubled in the past year, reaching 45 million by Q3 2024.

Bitget also contributed significantly to the TON ecosystem in 2024 by participating in TONCONNECT 2024, a significant online event designed to expedite the development of emerging dApps.

Bitget’s decentralized wallet has outperformed major global applications such as TikTok and WhatsApp on Apple’s App Store in the region due to the prominence of TON, particularly in markets such as Nigeria.

Gracy Chen, CEO of Bitget, stated, “Our partnership with TON establishes a robust foundation for the advancement of projects consistent with our vision as Bitget continues to construct around The Open Network.”

“We are well-positioned to facilitate the advancement of innovative solutions and bring the industry closer to mass adoption, given our proficiency in crypto infrastructure and TON’s decentralized architecture.”

Telegrams TON Surpasses 1 Billion Total Transactions

In the aftermath of a high-profile memecoin airdrop, which also resulted in two significant network disruptions, the TON Network has exceeded 1 billion total transactions.

The network’s transaction volume has now surpassed 1.04 billion, as reported, with half of these transactions occurring in the past three months alone.

Recent developments like the W5 smart wallet standard have significantly contributed to TON’s ongoing expansion.

Developed in partnership with Tonkeeper, the smart wallet standard is expected to facilitate gasless transactions on the TON blockchain.

The Open Network Foundation, in collaboration with 1inch and Sign, established Triangle, a Web3 startup accelerator, in July.

In the meantime, Telegram’s financial statement for 2023 indicates that it had $400 million in digital assets at the year’s end.

By mid-2024, Telegram’s premium user base had increased from approximately four million after 2023 to more than five million.