Bitget and Foresight Ventures Invest $30M in The Open Network (TON) Blockchain to Drive TON Ecosystem Expansion

Bitget, a leading cryptocurrency exchange, and Foresight Ventures, a prominent Web3 investment firm, have made a significant investment of $30 million

Cryptocurrency exchange Bitget and Web3 investment firm Foresight Ventures are making a significant investment in The Open Network (TON) blockchain, purchasing $30 million in discounted TON tokens.

The investment, announced on Sept. 18, 2024, will see the two firms play a larger role in shaping the governance and future growth of the TON ecosystem. Their aim is to drive innovation in decentralized applications (dApps) and drive adoption of new blockchain models like GameFi and Tap-to-Earn.

Leveraging Telegram's user base to drive TON ecosystem growth

The investment will notably look to leverage Telegram's massive user base of over 900 million to accelerate the growth of the TON ecosystem. TON has seen a remarkable growth spurt in recent months and now boasts over 1,000 dApps, including popular applications like Hamster Kombat and Notcoin.

This growth in development activity is mirrored by the network's financial indicators. Notably, the total value locked (TVL) within the TON blockchain has increased by 18x in just six months to reach an impressive $350 million.

Gracy Chen, CEO of Bitget, explained how the investment forms part of Bitget’s broader aim to integrate its state-of-the-art cryptocurrency infrastructure with TON’s decentralized architecture. She highlighted that the goal is to expand upon TON's foundations to accelerate the crypto industry's mass adoption.

Forest Bai, CEO of Foresight Ventures, outlined how the collaboration will notably assist developers within the TON ecosystem. He stated:

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

Related: TON Foundation and Curve Finance join forces to launch stable swap initiative on TON blockchain

In other recent developments on the TON front, our previous report unveiled that the TON Foundation is joining hands with Curve Finance, a leading decentralized trading platform. The two have collaborated to launch a stable swap initiative that will enhance stablecoin trading on the TON network.

This integration will notably see Curve's Constant Function Market Maker (CFMM) technology used to boost liquidity, streamline swap processes, and further the growth of TON's Web3 ecosystem.

At the time of 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 brought the token's market capitalization to over $14 billion.

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