Bitget and Foresight Ventures invest $30M in TON blockchain to boost tap to earn adoption
Bitget and Foresight Ventures have announced a $30 million investment in The Open Network (TON).
With the $30 million investment, Bitget and Foresight Ventures hope to support the emergence and market launch of more blockbuster decentralized applications (dApps) on the TON blockchain by becoming more involved in its governance and future development plans, per a statement.
"@bitgetglobal and @ForesightVen have made a strategic $30 million investment in The Open Network (#TON) blockchain. This investment aims to enhance the development of Telegram-based projects, focusing on tap-to-earn games such as @hamster_kombat and @thenotcoin." 💎
— TON 💎 (@ton_blockchain) September 18, 2024
Via… pic.twitter.com/qT9ChDhh4p
The post further said the investment, which will be distributed through the acquisition of TON tokens, will accelerate the adoption of Tap-to-Earn, GameFi, and other recently emerging trends within the TON ecosystem.
The TON blockchain, which benefited from Telegram's 900 million users, has quickly grown into one of 2024's fastest-growing blockchains, according to a recent TON report from Bitget Research. Due to the more than ten-fold increase in on-chain transactions, ecosystem TVL, and DEX trading volume, popular dApps with millions of users have emerged, including Catizen, DOGS, and Tomarket, the post added.
Bitget's strategic partnership with TON Blockchain to increase user base growth
Bitget has nearly doubled in size over the last 12 months, reaching 45 million global users in Q3 2024 by focusing on ecosystem development and service expansion. The rising demand for innovative projects, especially those powered by platforms like TON, is partially responsible for this upsurge. The decision to commit to the TON blockchain coincides with Bitget's user base experiencing remarkable expansion, the post added.
Bitget CEO Gracy Chen said that the company's collaboration with the TON blockchain provides a strong foundation for advancing initiatives that align with the vision as the company continues to BUIDL around TON (The Open Network).
Foresight Ventures' co-founder and CEO, Forest Bai, explained that the largest opportunity for growth in the cryptocurrency market this year and over the next three to five years is the surge of the TON ecosystem. TON's TVL increased eighteen times in the last six months to $350 million.
Bai said at the moment, the ecosystem has over 1,000 dApps, many of which have millions of users. We intend to keep offering investment, marketing support, and incubation support to keep supporting developers within the TON ecosystem.
Bitget launches $20 million TON Ecosystem Fund in partnership with Foresight Ventures
The announcement stated that the Fund's aim is to provide total support for projects developed within the TON ecosystem.
The company's objective, which aligns with Telegram's large user base, is to encourage the widespread adoption of cryptocurrencies and advance their development to create a more equitable future. The announcement also stated that the fund will actively seek out and assist projects that show promise and provide them with the funding they require to succeed on the Bitget network.
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