Today, Bitget announced the launch of a 20 million dollar fund aimed at supporting early-stage projects based on the Telegram chain, TON (The Open Network).
The TON Ecosystem Fund was launched in alliance with Foresight Ventures, an investment company based in Singapore.
Given that TON has recently surpassed Ethereum in terms of daily active public addresses, the crypto exchange has decided to support early-stage projects on TON.
Summary
Bitget establishes a fund to invest in the Telegram (Ton) crypto ecosystem
TON Ecosystem Fund is, as the name itself says, an ecosystem fund for projects on the Telegram chain.
According to Bitget it is a strategic initiative to promote innovation and development within the TON ecosystem.
It should not be forgotten that the user base of Telegram consists of 900 million people, so it is not surprising that the daily active addresses on TON have also surpassed those active on Ethereum.
Additionally, the TVL (Total Value Locked) of the TON ecosystem has more than quintupled in the last two months, reaching 600 million dollars. This has happened thanks to new projects and new assets like STON.fi, DeDust.io, and USDT on TON, and it is in this scenario that the new Bitget fund will operate.
Incredibly, despite USDT having landed on TON just a few months ago, it has already reached 580 million tokens, so much so that TON has already become the sixth blockchain by number of USDT, after TRON, Ethereum, Solana, Avalanche, and the old Omni.
The TON Ecosystem Fund will allocate its 20 million dollars to support the development of new projects within the TON ecosystem, as Bitget wants to promote the mass adoption of criptovalute to create a fairer future, in a similar way to what Telegram is doing.
The fund will actively seek and support promising projects, providing them with the necessary liquidity to thrive on the Bitget platform.
The crypto exchange Bitget
Bitget is one of the largest crypto exchanges in the world, and it has already been active for some time on Telegram.
For example, in May it launched the Telegram Signal Bot, a free tool designed to enhance the Telegram experience for group owners.
This tool allows you to easily share signals with your community, monetizing your skills and knowledge.
Additionally, it provides advanced group management tools to ensure the engagement of high-quality followers, and continuous access to the updated features of Telegram.
The exchange was founded in 2018, and has already reached 25 million users in over 100 countries.
Its mission is to help users trade more intelligently, for example with the copy trading feature.
Additionally, it also has its own wallet, Bitget Wallet (previously known as BitKeep), which is a multi-chain wallet offering a wide range of Web3 solutions and functionalities including cryptocurrency exchanges, an NFT marketplace, DApp browser, and more.
The company is also famous for its collaboration with the Argentine football legend Lionel Messi, and other famous athletes.
Regarding the TON Ecosystem Fund, the CEO of Bitget, Gracy Chen, stated:
“We are pleased to see that the TON ecosystem is experiencing a positive feedback cycle thanks to the growth of users, TVL, and token prices. At Bitget, we are dedicated to promoting innovation within TON. Our 20 million dollar fund testifies to our commitment to supporting projects that will drive the mass adoption of cryptocurrency. We believe in the potential of TON and its ability to create a fairer future. Our Telegram Signal Bot is just one example of how we are empowering the community and enhancing the user experience.”
TON (The Open Network)
The Open Network is a crypto project that started in 2018 with a Telegram ICO (at the time it was called Telegram Open Network).
After some vicissitudes with the SEC, the company Telegram decided to officially exit the project, making it decentralized.
In reality, behind The Open Network there is always Telegram, even if officially TON is decentralized, and in fact, it is precisely the activity on the famous messaging app that has decreed the success of TON.
For example, its native cryptocurrency, Toncoin, has now entered the top 10 of those with the highest market capitalization, ahead of Dogecoin, Cardano, and Tron. Excluding Bitcoin, Ethereum, and stablecoins, it is the fourth altcoin in the world by market capitalization.
TON also recorded its all-time high price less than two weeks ago, at over $8.4. Currently, it is around $7.5, but at the beginning of the year, it was only $2.3.
It was launched on the crypto markets in 2021, in the middle of a bull run, but at the time it couldn’t surpass $4.4.
The real boom started only in March of this year, when Telegram actually announced a major marketing campaign in its favor.
