Bitget Crypto Exchange Launches $20 Million TON Ecosystem Fund to Accelerate Blockchain Growth
In a significant development for the blockchain community, the Bitget crypto exchange has announced the launch of a $20 million fund to bolster the burgeoning TON ecosystem. This strategic initiative, unveiled on June 26, 2024, marks another milestone in the rapid expansion of The Open Network (TON), a blockchain platform closely integrated with the popular Telegram messenger.
Funding the Future of Blockchain: The TON Ecosystem Fund
The newly established TON Ecosystem Fund is a collaborative effort between Bitget and the Singapore-based investment firm, Foresight Ventures. The primary objective of this fund is to nurture early-stage projects within the TON ecosystem, providing essential financial support and resources to drive innovation and development. This fund aims to capitalize on the increasing prominence of TON-based applications and its native cryptocurrency, Toncoin (TON).
According to the announcement shared with Cointelegraph, the $20 million fund is not just about financial investment. It is designed to offer comprehensive support for project development within the TON ecosystem. This includes providing liquidity on the Bitget platform, ensuring that new projects have the financial backing and market presence necessary to thrive.
Record-Breaking Growth in 2024
The TON ecosystem has been experiencing a remarkable surge in growth throughout 2024. This momentum is largely driven by Telegram’s vast user base, which boasts over 900 million monthly active users. The integration of blockchain technology within such a widely used platform has significantly contributed to the mainstream adoption of cryptocurrencies.
According to Delphi Digital, TON’s blockchain has consistently recorded more active addresses than Ethereum nearly every day for almost a month by mid-June. This impressive statistic underscores the growing user engagement and adoption within the TON ecosystem.
Moreover, the total value locked (TVL) in the TON ecosystem has seen an extraordinary increase. Over the past two months, the TVL has surged more than fivefold, reaching a staggering $600 million. This growth is attributed to the influx of new projects and assets such as TON-based Tether (USDT), DeDust.io, Ston.fi, and others. These developments highlight the ecosystem’s robust expansion and its ability to attract significant investment and user interest.
Toncoin’s Meteoric Rise
Toncoin, the native cryptocurrency of the TON ecosystem, has also been hitting new heights in 2024. The cryptocurrency peaked at $8.17 on June 14, according to CoinGecko data, reflecting a remarkable increase of over 400% since the beginning of the year. This surge in Toncoin’s value is indicative of the growing confidence and interest in the TON ecosystem from both investors and users.
Driving Mass Adoption of Crypto
Bitget’s CEO, Gracy Chen, emphasized the broader mission behind the new fund. The ultimate goal is to drive mass adoption of cryptocurrencies by leveraging the growing 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,”
said Chen.
“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.”
The Telegram Signal Bot, launched previously by Bitget, is designed to streamline direct trading signals across trading communities, further integrating blockchain technology into the everyday activities of Telegram users. This tool is part of Bitget’s broader strategy to enhance user experience and facilitate the seamless adoption of cryptocurrency trading.
Expanding Support for TON
The new TON Ecosystem Fund is not Bitget’s first foray into the TON ecosystem. On June 25, Bitget’s non-custodial wallet, Bitget Wallet, launched a comprehensive support package for the TON network. This initiative aims to connect decentralized applications (dApps) within the TON ecosystem, providing users with more robust and integrated blockchain solutions.
These efforts demonstrate Bitget’s commitment to fostering a vibrant and sustainable blockchain ecosystem. By providing critical infrastructure and financial support, Bitget is positioning itself as a key player in the ongoing development and success of the TON ecosystem.
The launch of the $20 million TON Ecosystem Fund by Bitget and Foresight Ventures marks a significant step forward in the evolution of the TON blockchain. With its robust support for early-stage projects and strategic initiatives to enhance user experience, the fund is set to accelerate the growth and adoption of the TON ecosystem. As TON continues to break records and attract new users, the future looks bright for this innovative blockchain platform, promising a more decentralized and equitable future for all.
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