The popular messaging application, Telegram, is continuing to make inroads in the cryptocurrency market with a new fund from Bitget, a leading cryptocurrency exchange platform. The $20-million fund, also backed by Singapore-based company Foresight Ventures, will contribute towards the development of Telegram’s blockchain and cryptocurrency ecosystem, named the Open Network (TON).
This endeavour serves to bolster the increase of projects built on TON, as well as investment and user interest in the native cryptocurrency Toncoin. The fund also aims to provide support for all stages of project development within the TON ecosystem, offering liquidity on the Bitget platform.
Interestingly, the surge in the TON ecosystem can be traced back to the enormous Telegram user-base reaching 900 million monthly by 2024. This audience has shown a growing interest in embracing cryptocurrency, and recent records show the TON blockchain has frequently achieved more daily active addresses than widely-recognised Ethereum blockchain.
Moreover, the rapid uptake of new projects and an inflow of assets within the TON ecosystem have led to a fivefold increase in its total value locked (TVL) over two months, hitting $600 million. Entities like TON-based Tether (USDT), DeDust.io, and STON.fi have contributed to this ascent.
Coinciding with the growth in the ecosystem, Toncoin’s worth has been breaking records, peaking at $8.17 on June 14. The cryptocurrency has shown a positive return of more than 400% since the year’s onset.
With the announcement of the fund, Bitget CEO Gracy Chen detailed the firm’s commitment to driving mass adoption of cryptocurrencies. Bitget has already shown interest in the flourishing TON ecosystem, having recently launched a full support package for the network through Bitget Wallet, their non-custodial wallet. The release of their Telegram Signal Bot – a tool meant to enhance direct trading, illustrates Bitget’s ongoing enthusiasm for navigation in the rapidly growing crypto and cryptocurrency market space.