Bitget and Foresight Ventures Launch $20 Million TON Ecosystem Fund Amid TON Surpassing Ethereum in Daily Active Addresses

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26 Jun, 2024, 16:47 IST

VICTORIA, Seychelles, June 26, 2024 /PRNewswire/ -- Bitget, the leading cryptocurrency exchange and Web3 company, announced a $20 million TON Ecosystem Fund in alliance with Singapore-based investment firm Foresight Ventures, aiming to support early-stage projects building on The Open Network (TON). This strategic initiative highlights the duo's commitment to fostering innovation and development within the TON ecosystem.

Bitget and Foresight Ventures Launch $20 Million TON Ecosystem Fund Amid TON Surpassing Ethereum in Daily Active Addresses

The Open Network (TON) has been gaining significant traction, with $TON price reaching a new all-time high lately. According to Delphi Digital, the ecosystem's growth is bolstered by Telegram's massive user base of 900 million, pushing the daily active addresses on TON beyond those of Ethereum.

The Total Value Locked (TVL) in the TON ecosystem has increased more than fivefold over the past two months, reaching $600 million due to the influx of new projects and assets such as STON.fi, DeDust.io, and TON-USDT. According to Tether's official transparency page, the authorized issuance of USDT on the TON blockchain has grown to approximately $580 million, making it the sixth-largest blockchain for USDT issuance, after TRON, Ethereum, Solana, Avalanche, and Omni.

The $20 million TON Ecosystem Fund aims to fully support the development of projects within the TON ecosystem. By leveraging Telegram's vast user base, Bitget aligns with its vision of driving mass adoption of cryptocurrency and creating a more equitable future through crypto evolution. The fund will actively seek out and support promising projects, providing them with the necessary liquidity to thrive on the Bitget platform.

Gracy Chen, CEO of Bitget, commented: "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. Our Telegram Signal Bot is just one example of how we are empowering the community and enhancing the user experience."

Following the launch of Telegram Signal Bot in May, Bitget continues to innovate with the TON Ecosystem Fund. The Telegram Signal Bot, a groundbreaking tool designed to enhance the Telegram experience for group owners, is available at no cost. It allows group owners to easily share signals with their community, monetizing their expertise and knowledge. Key features of the Telegram Signal Bot include a one-click signal-sharing capability and advanced group management tools, ensuring high-quality follower engagement and continual access to updated Telegram functionalities.

About Bitget

Established in 2018, Bitget is the world's leading cryptocurrency exchange and Web3 company. Serving over 25 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team).