Bitget launches $20M TON Ecosystem Fund in Partnership with Foresight Ventures
Bitget has today announced the launch of the $20 million TON Ecosystem Fund in partnership with Foresight Ventures, a Singapore-based investment firm.
Happy to announce the $20 million TON Ecosystem Fund we just launched in alliance with Foresight Ventures! @ton_blockchain
— Bitget (@bitgetglobal) June 26, 2024
With $TON surpassing Ethereum in daily active addresses, we’re fueling early-stage projects on The Open Network.
Learn more 👇https://t.co/mnfqFXCNpJ
The Flippening CT ignores 🔍
— Delphi Digital (@Delphi_Digital) June 10, 2024
TON's quiet growth, fueled by Telegram's 900M user base, has driven its daily active addresses above Ethereum.
At its core, TON is a bet on Telegram's distribution. Though the ecosystem is nascent, its early growth is promising. But is it enough? pic.twitter.com/k2b2SMiQJD
The Fund's mission is to offer complete support for projects developed within the TON ecosystem, per a June 26 announcement. The company's goal is to promote widespread cryptocurrency adoption and advance the development of cryptocurrencies to create a more equitable future, which is in line with Telegram's large user base. The fund will proactively look for and support promising projects, giving them the capital they need to thrive on the Bitget network, the statement added.
CEO of Bitget Gracy Chen further said, "We are happy to see that the TON ecosystem is experiencing a positive feedback loop as a result of the rise in TVL, token price, and user base. The fund serves as evidence of the company's dedication to supporting initiatives that will bring about the mass adoption of cryptocurrency. This is one example of how we are empowering communities and improving the user experience with our Telegram Signal bot," she added.
The company is keeping up its innovative streak with the TON Ecosystem Fund, which it introduced along with the Telegram Signal Bot in May.
The Open Network (TON) is gaining momentum, as evidenced by the recent all-time high price of $TON. Delphi Digital claims that Telegram’s 900 million users help grow the ecosystem, surpassing Ethereum’s daily active addresses on TON.
Due to the influx of new projects and assets like STON.fi, DeDust.io, and TON-USDT, the Total Value Locked (TVL) in the TON ecosystem has increased more than fivefold over the last two months, reaching $600 million, the statement added.
The authorized issuance of USDT on the TON blockchain has increased to about $580 million, according to Tether's official transparency page. This places it as the sixth-largest blockchain for USDT issuance, behind TRON, Ethereum, Solana, Avalanche, and Omni.
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