Bitget and Foresight Ventures have teamed up to introduce a $20 million TON Ecosystem Fund to aid early-stage projects within the burgeoning The Open Network (TON) ecosystem. With TON surpassing Ethereum in daily activity and exhibiting significant growth in Total Value Locked, this initiative aims to drive innovation and mass adoption of cryptocurrency.
Bitget and Foresight Ventures Unveil $20 Million TON Ecosystem Fund as TON Outpaces Ethereum in Daily Activity
VICTORIA, Seychelles, 26 June 2024 — Bitget, a leading cryptocurrency exchange and a prominent Web3 entity, has announced the launch of a $20 million TON Ecosystem Fund. The initiative, in collaboration with Singapore-based Foresight Ventures, is aimed at supporting early-stage projects within The Open Network (TON) ecosystem.
The launch arrives amid notable achievements for the TON ecosystem. The network recently surpassed Ethereum in daily active addresses, according to a report by Delphi Digital. Boosted by Telegram’s extensive user base of 900 million, the growth trajectory of TON has been impressive.
The increase in Total Value Locked (TVL) within the TON ecosystem aligns with these developments, having jumped more than fivefold over the past two months to $600 million. This growth is attributed to the emergence of new projects and assets such as STON.fi, DeDust.io, and TON-USDT. Furthermore, Tether’s data highlights that USDT issuance on the TON blockchain has soared to about $580 million, positioning TON as the sixth-largest blockchain for USDT issuance.
The newly launched $20 million fund will focus on fostering innovation by providing essential liquidity and support to promising projects within the TON ecosystem. Bitget’s CEO, Gracy Chen, emphasized the critical nature of this investment, particularly in driving mass cryptocurrency adoption.
“We are delighted to observe the TON ecosystem benefiting from a positive feedback loop driven by user growth, increased TVL, and a rising token price. At Bitget, we are committed to promoting innovation within the TON ecosystem. This $20 million fund underscores our dedication to supporting projects that can facilitate the mass adoption of cryptocurrency,” stated Chen. “We believe in the transformative potential of TON and its capacity to foster a more equitable future.”
Earlier this year, Bitget introduced the Telegram Signal Bot, a tool designed to enhance user engagement for Telegram group owners. The bot features streamlined signal-sharing capabilities and advanced management tools, striving to improve follower interaction and group dynamics. The TON Ecosystem Fund marks the next phase in Bitget’s efforts to integrate innovative tools and broad-based support for the TON community.
Bitget, established in 2018, operates as a key player in the cryptocurrency landscape, offering a variety of trading solutions that serve over 25 million users across more than 100 countries. The company is known for its pioneering copy trading feature and other trading facilities. Initially recognised as BitKeep, Bitget also provides a robust multi-chain crypto wallet, offering functionalities such as wallet services, swaps, NFT marketplaces, and DApp browsing.
Through strategic partnerships with high-profile figures such as Argentinian footballer Lionel Messi and Turkish athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medallist), and İlkin Aydın (Volleyball national team), Bitget continues to push the boundaries of cryptocurrency adoption and engagement. This new fund further extends Bitget’s influence within the rapidly growing TON ecosystem.
As the cryptocurrency landscape evolves, alliances like that between Bitget and Foresight Ventures are likely to play a pivotal role in shaping the future trajectory of blockchain projects and digital assets. The growing TON ecosystem may well serve as a testament to the potential of well-supported, innovative blockchain solutions.
