The Open Network blockchain has seen a strategic investment from Gate.io, to collaborate to support initiatives built on Telegram. Gate.io Invests $10m in TON to Boost Telegram Projects
On October 9th, Gate.io disclosed the TON blockchain’s $10 million strategic investment. The announcement came as the price of Toncoin, one of the cryptocurrencies, was having difficulty rising.
As per Gate.io, the crypto exchange will work with the TON Foundation to promote the development of web3 and blockchain projects inside the Telegram app as part of the TON investment.
This coincides with the growing popularity of TON-based initiatives, like as the recent boom in tap-to-earn titles like Catizen and Hamster Kombat. Another project that profited from its connection to Telegram is Notcoin (NOT).
Gate.io to support TON ecosystem
With its invested money, Gate.io hopes to develop new tools that will spur innovation in all TON-powered Telegram applications.
Telegram mini-apps for centralized finance are among the exchange’s aspirations for the industry. Launching within Telegram, a Gate Wallet is also anticipated to go operational.
Gate Group will participate in the Hackers League hackathon, which draws top TON ideas and provides up to $2 million in prizes in addition to the $10 million investment.
During the series of boot camps, developers and companies will concentrate on interoperability solutions like liquidity protocols, cross-chain swaps, and bridges.
The goal is to link various networks and increase TON’s adoption, transaction volumes, and total value locked (TVL).
TON’s TVL is currently $720 million, down from a peak of $1.12 billion in July 2024, according to DeFiLlama data. An increase in Telegram mini apps preceded part of the TON TVL boom earlier this year.
