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The Open Network (TON), a blockchain and cryptocurrency ecosystem deeply integrated with the Telegram messenger, is getting another boost with a new fund backed by the Bitget crypto exchange.
Bitget is launching a $20-million TON Ecosystem Fund in alliance with Singapore-based investment firm Foresight Ventures, according to an announcement shared with Cointelegraph on June 26.
The $20-million TON Ecosystem Fund aims to support early-stage projects on TON amid the rise of TON-based applications and the <a href="https://cointelegraph.com/news/what-is-toncoin-ton-and-how-to-buy-it">native cryptocurrency, Toncoin (TON)</a>.
The fund is designed to fully support project development within the TON ecosystem, including providing liquidity on the Bitget platform, the announcement notes.
<h2 id="the-ton-ecosystem-has-been-breaking-records-in-2024">The TON ecosystem has been breaking records in 2024</h2>
The funding initiative aims to tap the turbulent growth of TON in 2024. According to Delphi Digital, the TON ecosystem’s growth is driven by <a href="https://cointelegraph.com/news/pantera-capital-invests-open-network-ton-crypto-investment">Telegram’s monthly user base of 900 million</a>, bringing more and more users to crypto daily.
 By mid-June, the TON blockchain recorded more&nbsp;<a href="https://cointelegraph.com/news/telegram-ton-daily-active-addresses-surpass-ethereum-june">active addresses than Ethereum</a> nearly every day for almost a month.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/1a3e1314-eece-4d24-956e-01520fb475e6.png" alt="" title="">
 <figcaption style="text-align: center;">
 Source: Delphi Digital
 </figcaption>
</figure>
The total value locked (TVL) in the TON ecosystem has also increased more than fivefold over the past two months, reaching $600 million due to the influx of new projects and assets such as <a href="https://cointelegraph.com/news/tether-usdt-stablecoin-ton-blockchain">TON-based Tether</a> (<a href="http://usdt" target="_blank" rel="noopener nofollow">USDT</a>), DeDust.io, STON.fi and others.
Additionally, TON’s native Toncoin cryptocurrency has been hitting all-time highs over the past few months, peaking at $8.17 on June 14. <a href="https://www.coingecko.com/en/coins/toncoin" target="_blank" rel="noopener nofollow">According</a> to CoinGecko data, TON has returned more than 400% since the beginning of 2024.
<h2 id="bitget-moves-into-ton-to-enable-mass-adoption-of-crypto">Bitget moves into TON to enable mass adoption of crypto</h2>
With the new funding initiative, Bitget and Foresight Ventures ultimately aim to drive mass adoption of crypto, according to <a href="https://cointelegraph.com/news/bitget-ceo-gracy-chen-leads-crypto-exchange">Bitget CEO Gracy Chen</a>.
“We are glad to see that the TON ecosystem is experiencing a positive feedback loop due to the growth in users, TVL and token price,” Chen said, adding:
<blockquote data-ct-non-breakable="true">
 “We believe in the potential of TON and its ability to create a more equitable future. Our Telegram Signal Bot is just one example of how we are empowering the community and enhancing the user experience.”
</blockquote>
Related: <a href="https://cointelegraph.com/news/ton-phishing-attacks-slowmist-warns">TON ecosystem flooded with phishing attacks, SlowMist warns</a>
The new TON Ecosystem Fund isn’t the first Bitget effort to move into the fast-growing TON ecosystem.
On June 25, Bitget’s non-custodial wallet, Bitget Wallet, launched a comprehensive support package for the TON network, aiming to connect decentralized applications within the TON ecosystem.
Previously, Bitget <a href="https://www.bitget.com/blog/articles/bitget-launches-telegram-signal-bot" target="_blank" rel="noopener nofollow">launched</a>&nbsp;the Telegram Signal Bot, which was designed to streamline direct trading signals across trading communities.
Magazine: <a href="https://cointelegraph.com/magazine/crypto-game-rewards-farmville-creator-beta-releases-web3-gamer/">Crypto game rewards not ‘crucial,’ Farmville creator makes case for beta releases: Web3 Gamer</a>

Telegram and crypto: Bitget launches $20M TON ecosystem fund

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Cointelegraph

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