Published on juni 26, 2024, 10:36 am
Image source: Fox News
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Bitget Crypto Exchange Boosts TON Ecosystem with $20 Million Fund
Bitget, a prominent player in the crypto market, has recently announced its commitment to fueling the growth of the record-breaking Open Network (TON) ecosystem by establishing a new $20 million fund. This move marks a significant step in supporting early-stage projects within the Telegram messenger-based blockchain and cryptocurrency platform.
In collaboration with Foresight Ventures, a Singapore-based investment firm, Bitget has unveiled the $20 million TON Ecosystem Fund. This initiative aims to bolster projects operating within the TON ecosystem, particularly amidst the increasing prevalence of TON-based applications and the native cryptocurrency, Toncoin (TON).
The fund’s primary objective is to facilitate project development throughout the TON ecosystem by offering essential support such as liquidity provision on the Bitget platform. As highlighted in the announcement, this funding endeavor seeks to capitalize on the exponential growth of TON expected in 2024.
Recent data from Delphi Digital indicates that Telegram’s vast monthly user base of 900 million individuals continues to drive substantial growth within the TON ecosystem, ushering more users into the realm of cryptocurrency on a daily basis. Notably, observations show that the TON blockchain has outstripped Ethereum in terms of active addresses for nearly a month now.
Moreover, figures reveal that Total Value Locked (TVL) within the TON ecosystem has surged significantly over recent months, surpassing $600 million due to an influx of new projects and assets like TON-based Tether (USDT), DeDust.io, Ston.fi, among others.
Building on this momentum, Toncoin has achieved remarkable milestones by reaching all-time highs in value. Recent data from CoinGecko illustrates that Toncoin surged to $8.17 on June 14 alone and has generated returns exceeding 400% since the onset of 2024.
Bitget CEO Gracy Chen expressed enthusiasm regarding these positive developments within the TON ecosystem and emphasized their commitment to fostering widespread adoption of cryptocurrencies. Chen stated that initiatives like the newly established TON Ecosystem Fund aim to drive this mass adoption by fueling user growth, enhancing Total Value Locked (TVL), and boosting token prices.
This latest fund is just one facet of Bitget’s involvement in advancing the thriving TON ecosystem. Earlier endeavors include releasing Bitget Wallet—a non-custodial wallet offering comprehensive support for decentralized applications within the TON network—and introducing innovative tools like Telegram Signal Bot aimed at simplifying direct trading signals across various trading communities.
As Bitget continues its strategic investments and collaborations within the crypto space, it is evident that their contributions are instrumental not only in shaping the future of digital assets but also in propelling widespread adoption across global markets.
Original article posted by Fox News
