Bitget, the world’s leading cryptocurrency exchange and Web3 company, and Foresight Ventures, a leading Web3 investment firm, have announced a strategic investment of $30 million into The Open Network (TON Blockchain). This investment will be allocated through the acquisition of TON tokens, and it will further accelerate the adoption of Tap-to-Earn, GameFi, and new emerging trends within the TON ecosystem.
The TON-based projects present a strong use case for the Telegram ecosystem, which has seen substantial growth in recent years as it expands its offerings for Web3 startups. According to a recent TON report from Bitget Research, the TON blockchain, which benefited from Telegram’s 900 million users, has rapidly become one of 2024’s fastest-growing blockchains. It has experienced over tenfold growth in on-chain transactions, ecosystem TVL, and DEX trading volume, leading to trendy dApps like Catizen, DOGS, and Tomarket with millions of users.
The commitment to the TON blockchain comes at a time when Bitget has witnessed remarkable growth in its user base. By focusing on ecosystem development and expanding its services, Bitget has grown its global user count to 45 million in Q3 2024, almost doubled in the past 12 months. This surge is partly attributed to the increasing demand for innovative projects, particularly those driven by platforms like TON.
In 2024, Bitget Wallet contributed to the TON ecosystem with TONNECT 2024, a major online event aimed at accelerating the growth of emerging dApps in the TON ecosystem. Thanks to TON’s growing user interest in Bitget’s decentralized wallet, Bitget Wallet continuously topped the charts amongst all apps in Nigeria taking over world-famous apps such as TikTok and WhatsApp on Apple’s App Store.
"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. By integrating our expertise in crypto infrastructure with TON’s decentralized architecture, we are well-positioned to strengthen the development of innovative products and solutions. Together, we are bringing the crypto industry closer to mass adoption than ever before." commented Gracy Chen, CEO at Bitget.
"The surge of the TON ecosystem represents the biggest growth opportunity in the cryptocurrency market this year and in the next 3-5 years. Over the past six months, TON’s TVL has increased 18-fold, reaching $350 million." Forest Bai, Co-Founder and CEO of Foresight Ventures, stated: "The ecosystem currently boasts over 1,000 dApps, with many applications having millions of users. We hope to continue supporting developers within the TON ecosystem by providing investment, incubation, marketing support."
With the $30 million investment, Bitget and Foresight Ventures will engage more deeply in the governance and future development plans of the TON blockchain, supporting the emergence and go-to-market of more blockbuster dApps on TON.
