Bitget and Foresight aim to become more involved in TON’s governance and future development plans as a result of this new investment.
The Open Network (TON) blockchain has received additional financial backing from Bitget and Foresight Ventures.
On September 18, Bitget announced a $30 million strategic investment to advance the development of TON applications on Telegram. This investment focuses on key Telegram play-to-earn (P2E) games, such as Hamster Kombat and Notcoin.
Bitget and Foresight to Deepen Their Role in TON Governance
The investment from Bitget and Foresight will be used to acquire Toncoin (TON), the utility token that supports decentralized applications (DApps) within the TON ecosystem.
By investing in TON, both firms aim to “become more deeply involved in TON Blockchain’s governance and future development plans.”
Bitget CEO Gracy Chen commented on the partnership, stating, “As Bitget continues to BUIDL around The Open Network, our partnership with the TON blockchain provides a solid foundation for driving initiatives that align with our vision.”
She also said combining Bitget’s crypto infrastructure expertise with TON’s decentralized structure would “strengthen the development of innovative products and solutions.”
TON Ecosystem Growth Seen as “Biggest Opportunity”
Since the launch of Telegram Mini Apps in 2023, the TON blockchain has experienced significant growth, largely driven by the adoption of DApps like Notcoin and Hamster Kombat.
Data from DefiLlama shows that the total value locked (TVL) in TON projects is now $403.5 million, representing a 2,700% increase since January 1.
Foresight Ventures co-founder and CEO Forest Bai sees the expansion of the TON ecosystem as the “biggest growth opportunity” in the cryptocurrency market, not only for 2024 but also for the next three to five years.
Bai noted, “The ecosystem currently boasts over 1,000 DApps, with many applications having millions of users.”
Foresight Ventures plans to continue supporting developers in the TON ecosystem with investment, incubation, and marketing resources.
Bitget’s Strong Performance in 2024
The investment in TON coincides with Bitget’s notable growth in 2024. On September 18, the crypto exchange announced reaching 45 million users worldwide, nearly doubling its user base in the last year.
Bitget has also become the fourth-largest crypto exchange by trading volume, with daily transactions totaling $1.5 billion, according to CoinGecko data.
Bitget partially attributed its growth to the rising demand for innovative projects like those driven by platforms such as TON.
