Jai Sahu
Introduction of the $20 Million TON Ecosystem Fund
VICTORIA, Seychelles, June 26, 2024 /PRNewswire/ — Bitget, the prominent cryptocurrency exchange and Web3 company, has announced a $20 million TON Ecosystem Fund in partnership with the Singapore-based investment firm Foresight Ventures. This fund aims to support early-stage projects building on The Open Network (TON). This strategic initiative underscores the duo’s dedication to fostering innovation and development within the TON ecosystem.
TON Ecosystem’s Rapid Growth
The Open Network (TON) has been experiencing significant growth, with the $TON price recently hitting a new all-time high. According to Delphi Digital, this growth is significantly bolstered by Telegram’s vast user base of 900 million, propelling the daily active addresses on TON to surpass those of Ethereum.
The Total Value Locked (TVL) in the TON ecosystem has increased over fivefold in the past two months, reaching $600 million. This surge is 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, ranking it as the sixth-largest blockchain for USDT issuance after TRON, Ethereum, Solana, Avalanche, and Omni.
Commitment to Innovation and Development
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.”
Innovative Tools for the Community
Following the launch of the 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.