Bitget and Foresight Ventures Back TON with $30M Investment

• Bitget and Foresight Ventures invest $30M in TON to drive dApp innovation and accelerate ecosystem growth.
• The TON ecosystem has rapidly grown, now boasting over 1,000 dApps and a surge in total value locked.

Bitget, a leading cryptocurrency exchange, and Foresight Ventures, a prominent Web3 investment firm, have made a significant investment of $30 million in The Open Network (TON) blockchain.

This strategic investment, announced on September 18, 2024, is intended to purchase discounted TON tokens, allowing both organizations to have a greater influence over the governance and future expansion of the TON ecosystem.

Their common goal is to spur innovation in decentralized applications (dApps) and encourage the adoption of new blockchain models such as GameFi and Tap-to-Earn.

Leveraging Telegram’s User Base to Drive TON Ecosystem Expansion 

The investment’s potential lies in using Telegram’s massive user base of over 900 million to accelerate the growth of the TON ecosystem. In recent months, TON has grown dramatically, now supporting over 1,000 dApps, including popular applications such as Hamster Kombat and Notcoin.

The network’s financial indicators reflect this increase in development. Notably, the total value locked (TVL) within the TON blockchain has grown by 18x in just six months, reaching an astonishing $350 million.

Gracy Chen, CEO of Bitget, explained how this investment fits into Bitget’s larger objective of integrating its cutting-edge cryptocurrency infrastructure with TON’s decentralized architecture. She stressed that the goal is to accelerate the crypto industry’s broad adoption by expanding on TON’s basis.

Forest Bai, CEO of Foresight Ventures, emphasized the importance of this collaboration in aiding developers in the TON ecosystem. He stated:

“We will focus on financing, incubation, and major marketing initiatives to accelerate the development of decentralized applications on TON.”

In addition to the Bitget and Foresight Ventures investments, our prior report indicate that the TON Foundation is collaborating with Curve Finance, a leading decentralized trading platform. The two have collaborated to create a stable swap initiative, which will improve stablecoin trade on the TON network.

This agreement, which will use Curve’s Constant Function Market Maker (CFMM) technology, aims to boost liquidity, streamline swap processes, and promote TON’s Web3 ecosystem.

As of this writing, the price of TON’s native token, TON, is trading around $5.75, up 4.20% over the last 24 hours. This price increase has raised the token’s market cap to more than $14 billion.