Bitget and Foresight Ventures have joined forces to establish a $20 million TON Ecosystem Fund aimed at nurturing early-stage projects within The Open Network (TON) ecosystem. The fund reflects a strategic vision to bolster innovation and growth in the TON network, which has recently surpassed Ethereum in daily active addresses, signalling its rising prominence in the cryptocurrency sphere.
Bitget and Foresight Ventures Launch $20 Million TON Ecosystem Fund
Victoria, Seychelles, June 26, 2024 – Cryptocurrency exchange Bitget, in collaboration with Singapore-based investment firm Foresight Ventures, has announced the establishment of a $20 million TON Ecosystem Fund. The initiative aims to support early-stage projects building on The Open Network (TON).
This fund aligns with the duo’s strategic vision to encourage innovation and growth within the TON ecosystem, which has recently surpassed Ethereum in daily active addresses. These developments underscore the potential and growing prominence of the TON ecosystem in the cryptocurrency landscape.
TON Ecosystem Growth
The TON blockchain has experienced significant traction, partly driven by the vast user base of the messaging app Telegram, which boasts 900 million users. According to Delphi Digital, this sizeable user base has been instrumental in pushing daily active addresses on the TON network beyond those on Ethereum.
The Total Value Locked (TVL) within the TON ecosystem has seen an impressive increase, multiplying over fivefold in the past two months and reaching $600 million. This surge is attributed to the influx of new projects and assets such as STON.fi, DeDust.io, and TON-USDT. Tether’s transparency page indicates that the authorized issuance of USDT on the TON blockchain has grown to approximately $580 million, ranking TON as the sixth-largest blockchain for USDT issuance, trailing TRON, Ethereum, Solana, Avalanche, and Omni.
Strategic Fund Goals
The $20 million TON Ecosystem Fund is designed to support projects within the TON ecosystem, providing necessary liquidity and resources to promising ventures. The fund leverages Telegram’s extensive user network to advance the widespread adoption of cryptocurrencies and foster a more equitable digital economy.
Gracy Chen, CEO of Bitget, emphasized the positive developments within the TON ecosystem. “We are glad to see that the TON ecosystem is experiencing a positive feedback loop due to the growth in users, TVL, and token price. At Bitget, we are dedicated to fostering innovation within the TON ecosystem. Our $20 million fund is a testament to our commitment to supporting projects that will drive the mass adoption of cryptocurrency. We believe in the potential of TON and its ability to create a more equitable future.”
Innovative Tools
Bitget has also introduced the Telegram Signal Bot, launched in May. This tool is designed to enhance the Telegram experience for group owners, allowing them to share signals with their community and monetize their expertise. The bot features one-click signal-sharing and advanced group management tools, ensuring high-quality engagement with followers and continual access to updated functionalities.
About Bitget
Established in 2018, Bitget operates as a leading cryptocurrency exchange and Web3 company, catering to over 25 million users across more than 100 countries. Bitget distinguishes itself with innovative trading solutions, including a pioneering copy trading feature.
Formerly known as BitKeep, the Bitget Wallet is a multi-chain crypto wallet offering comprehensive Web3 solutions and features such as wallet functionality, swap, NFT Marketplace, and DApp browser. The platform aims to inspire broader crypto adoption through collaborations with prominent figures, including Argentinian footballer Lionel Messi and Turkish national athletes like wrestling champion Buse Tosun Çavuşoğlu, boxing gold medalist Samet Gümüş, and volleyball player İlkin Aydın.
Future Prospects
The establishment of the TON Ecosystem Fund by Bitget and Foresight Ventures marks a significant step forward in the development and expansion of blockchain technology. By providing financial backing and resources to early-stage projects, this initiative seeks to strengthen the TON ecosystem and promote broad-based adoption of cryptocurrencies. The success of this fund will likely be pivotal in shaping the future of the TON network and its position within the digital asset landscape.
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