July 15, 2024
Latest Cryptocurrency News

Bitget Launches $20M Fund to Boost TON Ecosystem Growth

The Open Network (TON), a blockchain platform integrated with Telegram, is set for a significant boost with a new fund backed by the Bitget crypto exchange. Bitget has announced the launch of a $20 million TON Ecosystem Fund in collaboration with Singapore-based investment firm Foresight Ventures.

This fund aims to support early-stage projects on the TON platform, driven by the rapid rise of TON-based applications and its native cryptocurrency, Toncoin (TON). The initiative, unveiled on June 26, will also provide liquidity on the Bitget platform, fostering project development within the TON ecosystem.

TON’s Impressive Growth and Ecosystem Expansion

The TON ecosystem has seen substantial growth, supported by Telegram’s vast user base of 900 million monthly users, which has increasingly brought users to the crypto space. By mid-June, the TON blockchain had more active addresses than Ethereum almost daily for a month.

Source: Delphi Digital

The total value locked (TVL) in the TON ecosystem surged over fivefold in the past two months, reaching $600 million due to new projects and assets like TON-based Tether (USDT), DeDust.io, and Ston.fi.

Toncoin, TON’s native cryptocurrency, has reached new heights, peaking at $8.17 on June 14 and showing a return of more than 400% since early 2024, according to CoinGecko data. Bitget CEO Gracy Chen emphasized the fund’s goal of driving mass adoption of crypto, highlighting the positive feedback loop in the TON ecosystem due to user growth, TVL, and token price increases.

Bitget’s Ongoing Commitment to TON

This new fund is part of Bitget’s broader efforts to support the TON ecosystem. On June 25, Bitget’s non-custodial wallet launched a comprehensive support package for the TON network, aiming to connect decentralized applications within the ecosystem. Previously, Bitget introduced the Telegram Signal Bot to streamline direct trading signals across trading communities, further enhancing the user experience and community empowerment.

Image by vectorjuice on Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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