Bitget, a prominent crypto exchange, has launched a $20-million fund to support the growing TON (The Open Network) ecosystem. This move is in partnership with Singapore-based investment firm Foresight Ventures.

Supporting Early-Stage Projects

The newly established fund aims to back early-stage projects within the TON ecosystem. This includes providing necessary liquidity on the Bitget platform, aiding in the development and expansion of TON-based applications and the native cryptocurrency, Toncoin (TON).

The TON ecosystem has experienced substantial growth in 2024, largely driven by Telegram’s massive user base of 900 million. This has significantly increased daily crypto users. Reports from Delphi Digital indicate that TON has recorded more active addresses than Ethereum nearly every day for a month as of mid-June.

Increase in Total Value Locked (TVL)

The total value locked (TVL) in the TON ecosystem has surged more than fivefold over the past two months, reaching $600 million. This growth is attributed to the influx of new projects and assets like TON-based Tether (USDT), DeDust.io, and STON.fi.

Toncoin, the native cryptocurrency of the TON ecosystem, has seen a remarkable rise, hitting an all-time high of $8.17 on June 14. According to CoinGecko, Toncoin has increased by over 400% since the start of 2024.

Driving Mass Adoption of Crypto

Bitget CEO Gracy Chen highlighted the goal of the new fund, which is to drive mass adoption of cryptocurrency. Bitget’s initiatives, such as the Telegram Signal Bot, are designed to enhance the user experience and empower the community. Chen expressed confidence in TON’s potential to create a more equitable future.

This fund is not Bitget’s first foray into the TON ecosystem. On June 25, Bitget’s non-custodial wallet launched a comprehensive support package for the TON network. The wallet aims to connect decentralized applications within the ecosystem. Additionally, Bitget had previously introduced the Telegram Signal Bot to streamline direct trading signals across trading communities.

The $20-million TON Ecosystem Fund by Bitget marks a significant step towards supporting and expanding the TON blockchain. With its growing user base, increased TVL, and rising token price, TON is poised for further development and wider adoption in the crypto world.