Bitget and Foresight Ventures Launch $20M TON Ecosystem Fund to Drive Innovation and Mass Adoption of Cryptocurrency

In a strategic move set to drive innovation and support within the cryptocurrency sector, Bitget, a leading cryptocurrency exchange and Web3 company, has announced the launch of a $20 million TON Ecosystem Fund.

Cryptocurrency exchange Bitget has announced the launch of a $20 million TON Ecosystem Fund in partnership with Singapore-based investment firm Foresight Ventures.

The fund will support early-stage projects building on The Open Network (TON), a Layer-1 blockchain protocol initially designed by Telegram.

“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 Gracy Chen, CEO of Bitget. “At Bitget, we are dedicated to fostering innovation within the TON ecosystem. Our $20 million fund is a testament to our commitment to supporting projects that will drive the mass adoption of cryptocurrency.”

The development follows a period of rapid growth for TON, with its $TON token recently hitting an all-time high. According to insights from Delphi Digital, the ecosystem’s growth can be attributed to Telegram’s massive user base of 900 million, which has pushed daily active addresses on TON past those of Ethereum.

The total value locked (TVL) in the TON ecosystem has also seen an impressive fivefold increase over the past two months, reaching $600 million. This surge is driven by the influx of new projects and assets such as STON.fi, DeDust.io, and TON-USDT.

The authorized issuance of USDT on the TON blockchain has grown to approximately $580 million, making it the sixth-largest blockchain for USDT issuance, according to Tether’s official transparency page.

The TON Ecosystem Fund will fully support the development of projects within the TON ecosystem. By leveraging Telegram’s vast user base, Bitget aims to drive the mass adoption of cryptocurrency and contribute to creating a more equitable future through the evolution of crypto. The fund will actively seek out and support promising projects, providing them with the necessary liquidity to thrive on the Bitget platform.

Bitget recently launched its Telegram Signal Bot in May, and the introduction of the TON Ecosystem Fund further highlights the company’s commitment to innovation.

The Telegram Signal Bot is a tool designed to enhance the Telegram experience for group owners, available at no cost to the user. It allows group owners to easily share signals with their community, helping them to monetize their expertise and knowledge.

Key features of the Telegram Signal Bot include a one-click signal-sharing capability and advanced group management tools, ensuring high-quality follower engagement and continual access to updated Telegram functionalities.

Foresight Ventures brings an additional layer of expertise and strategic support to the fund. With over 15 years of experience and a track record of guiding over 100 IPOs across mainboard and SME platforms globally, Foresight Ventures is well-positioned to contribute to the success of the TON Ecosystem Fund.

The partnership between Bitget and Foresight Ventures is a significant step towards driving growth and innovation within the TON ecosystem. By providing early-stage projects with the necessary resources and support, the fund aims to accelerate the development of transformative technologies and solutions.

This collaboration not only provides crucial financial backing but also significantly enhances the market credibility of the supported projects, positioning them for future success. As Bitget and Foresight Ventures embark on this exciting journey, the $20 million TON Ecosystem Fund stands as a testament to their shared vision.

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