Toncoin Receives $30 Million Investment
18 Sep, 2024 ● Coin news
The Open Network (TON), a blockchain platform linked to Telegram, has received a new financial boost from Bitget and Foresight Ventures.
On September 18, Bitget announced a $30 million strategic investment in the TON blockchain to enhance the development of TON applications on Telegram.
The company highlighted that this investment specifically targets major play-to-earn (P2E) games on Telegram, such as Hamster Kombat and Notcoin.
The investment from Bitget and Foresight in the TON blockchain will involve acquiring Toncoin (TON), a utility token that enables decentralized applications (DApps) within the TON ecosystem.
By investing in TON, Bitget and Foresight aim to “become more deeply involved in TON Blockchain’s governance and future development plans.”
“As Bitget continues to BUIDL around The Open Network, our partnership with the TON blockchain provides a solid foundation for driving initiatives that align with our vision,” said Bitget CEO Gracy Chen in an announcement shared with Cointelegraph.
She added, “By integrating our expertise in crypto infrastructure with TON’s decentralized architecture, we are well-positioned to strengthen the development of innovative products and solutions.”
Since the launch of Telegram Mini Apps in 2023, the TON blockchain has seen significant growth, largely driven by the rapid adoption of DApps like Notcoin and Hamster Kombat.
According to DefiLlama, the total value locked (TVL) in various TON projects is currently $403.5 million, a more than 2,700% increase since January 1.
Foresight Ventures co-founder and CEO Forest Bai described the surge in the TON ecosystem as the biggest growth opportunity in the cryptocurrency market for 2024 and the next three to five years.
“The ecosystem currently boasts over 1,000 DApps, with many applications having millions of users,” Bai stated, adding that Foresight aims to continue supporting developers within the TON ecosystem through investment, incubation, and marketing support.
This investment comes amid a period of significant growth for Bitget in 2024.
On September 18, the crypto exchange announced that it had reached a milestone of 45 million users worldwide, nearly doubling its user base over the past 12 months.
Bitget has also become the fourth-largest crypto exchange by trading volume. According to CoinGecko, Bitget's daily trading volumes stand at $1.5 billion at the time of writing.
Bitget attributes part of its surge to the growing demand for innovative projects, including those supported by platforms like TON.
Sources:
https://cointelegraph.com/news/bitget-foresight-invest-30-million-ton
https://www.bitget.com/news/detail/12560604214501
https://defillama.com/chain/TON?currency=USD
https://www.bitget.fit/blog/articles/bitget-celebrates-6th-anniversary
