Bitget Has Launched a $20M Fund for the TON Ecosystem

By
Tana Harina

06/26/2024

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Bitget has backed the TON ecosystem with a $20 million fund.

Crypto exchange launches TON Ecosystem Fund with a volume of $20 million in cooperation with the Singaporean investment company Foresight Ventures. Thus, the fund will support TON ecosystem projects that are at an early stage.

The exchange will help the development of projects, including providing their liquidity on its platform. Bitget launched the initiative amid the rapid growth of the TON ecosystem from the beginning of 2024. Recently, the TON blockchain has registered more active addresses almost every day for a month than Ethereum, according to Delphi Digital. The analytics company attributes this growth to the fact that Telegram's 900 million user base is increasingly turning to TON.

The Flippening CT ignores 🔍

TON's quiet growth, fueled by Telegram's 900M user base, has driven its daily active addresses above Ethereum.

At its core, TON is a bet on Telegram's distribution. Though the ecosystem is nascent, its early growth is promising. But is it enough? pic.twitter.com/k2b2SMiQJD
— Delphi Digital (@Delphi_Digital) June 10, 2024

The rapid growth of the ecosystem is indicated by TVL, which has reached the $600 million mark in the last 2 months. The network's native cryptocurrency, Toncoin, also managed to make significant gains this month, reaching an all-time high of $8.17.

Meanwhile, this week, Bitget Wallet expanded its service package for TON, which aims to connect decentralized applications within the TON ecosystem.

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