Bitget, Foresight Ventures establishes €18.45M TON fund

Bitget, Singapore’s Foresight Ventures launch €18.45 million TON Ecosystem Fund

Posted by Jenny Ortiz Posted: Jul 11, 2024

Bitget, a cryptocurrency exchange and Web3 company, has partnered with Singapore-based investment firm Foresight Ventures to establish a $20 million (€18.45 million) TON Ecosystem Fund. This fund aims to support early-stage projects developing on The Open Network (TON).

TON’s growth

The TON ecosystem has seen substantial growth, with its $TON token reaching a new all-time high. This expansion is largely attributed to Telegram’s extensive user base of 900 million, which has driven the daily active addresses on TON beyond those of Ethereum. The Total Value Locked (TVL) in the TON ecosystem has surged more than fivefold over the past two months, reaching $600 million (€553.5 million). This increase is fuelled by new projects and assets such as STON.fi, DeDust.io, and TON-USDT.

Additionally, Tether’s transparency page reports that the authorised issuance of USDT on the TON blockchain has grown to approximately $580 million (€535 million), ranking it as the sixth-largest blockchain for USDT issuance, following TRON, Ethereum, Solana, Avalanche, and Omni.

Purpose and impact of the fund

According to Bitget’s press release, the $20 million (€18.45 million) TON Ecosystem Fund is designed to support the development of projects within the TON ecosystem. Leveraging Telegram’s vast user base, Bitget said it aims to drive the mass adoption of cryptocurrency and promote a more equitable future through crypto evolution. The fund will actively seek out and support promising projects, providing them with the necessary liquidity to succeed on the Bitget platform.

Gracy Chen, CEO of Bitget, expressed enthusiasm about the TON ecosystem’s growth, highlighting the increase in users, TVL, and token price as a positive feedback loop. “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,” Chen said.

Following the launch of the Telegram Signal Bot, Bitget has integrated the TON mainnet with its Bitget Wallet, the on-chain extension of the Bitget ecosystem.