### Bitget and Foresight Inject $30 Million into TON
Cryptocurrency exchange Bitget, alongside Foresight Ventures, has pledged a substantial $30 million investment into The Open Network (TON) blockchain, aiming to enhance its ecosystem. This funding will particularly target projects within Telegram, focusing on games that employ a “tap-to-earn” revenue model, such as Hamster Kombat and Notcoin, both of which have attracted millions of users.
The investment will be executed through the acquisition of TON coins, thereby reinforcing Bitget and Foresight’s role in TON’s governance and the ongoing advancement of its blockchain infrastructure.
### Leveraging Telegram’s Vast User Base
Bitget and Foresight are capitalizing on the impressive partnership between TON and Telegram, which boasts over 930 million active users. While TON was initially developed by Telegram, it now operates autonomously but continues to benefit from its origins within Telegram’s extensive network.
Bitget and Foresight’s $30M Investment in TON. Source: X
In recent years, Telegram has transformed into a pivotal platform for Web3 startups, decentralized applications, and various blockchain initiatives. By investing in TON, Bitget and Foresight aim to accelerate projects with significant adoption potential, building on the solid foundation established by Telegram.
Forrest Li, the Chairman of The Block and Co-founder of Foresight Ventures, expressed great enthusiasm, labeling the TON ecosystem as the most significant growth opportunity in the cryptocurrency landscape this year.
### Surge in TON’s Popularity Attracts Major Investments
The introduction of Mini Apps by Telegram in 2023 has catalyzed substantial growth for TON. Titles like Notcoin and Hamster Kombat have been at the forefront of this expansion. DefiLlama reports that the total value locked (TVL) in TON-based projects skyrocketed by 3,000%, reaching an impressive $420.56 million.
TVL on The Open Network since 2023. Source: DefiLlama
Moreover, the TON network has surpassed 10 million monthly active wallets, as noted in Anatoly Makosov’s blog, underscoring its increasing popularity and user confidence.
TON network monthly active users. Source: Anatoly Makosov/Telegram
Bitget and Foresight’s investment complements earlier financial contributions from DWF Labs and Cypher Capital, each investing $10 million. Additionally, Pantera Capital’s remarkable $300 million commitment—its largest to date—reflects the rising confidence in TON’s future.
Noteworthy investors, including Animoca Brands and HashKey Group, have also shown support for TON, further indicating optimism about its prospects.
With this wave of investment, TON’s future looks bright, particularly as it continues to leverage the reach and influence of Telegram. The backing from Bitget and Foresight underscores a strong belief in TON’s potential to emerge as a significant player in the wider cryptocurrency ecosystem.