Cryptocurrency exchange Bitget and Foresight Ventures have committed $30 million to The Open Network (TON) blockchain in a bid to strengthen its ecosystem. The investment will focus on projects within Telegram, specifically games utilizing a “tap-to-earn” revenue model like Hamster Kombat and Notcoin, which have drawn millions of users.
According to the companies, the investment will come through the purchase of TON coins, thus deepening Bitget and Foresight’s involvement in TON’s governance and further development of its blockchain infrastructure.
Bitget and Foresight Capitalize on Telegram’s Extensive Reach
Bitget and Foresight are tapping into the potential of TON’s much-celebrated collaboration with Telegram, which now boasts over 930 million active users. Although TON was initially developed by Telegram and now operates independently, it still gains significantly from its roots in Telegram’s vast network.
Telegram has rapidly evolved over the past few years, becoming a key player for Web3 startups, decentralized applications, and other blockchain projects. Through their investment in TON, Bitget and Foresight are looking to propel projects that have the potential to be widely adopted, utilizing the solid groundwork already laid by Telegram.
Forrest Li, the Chairman of The Block and Co-founder of Foresight Ventures, enthusiastically described the TON ecosystem as the biggest growth opportunity in the cryptocurrency market this year.
TON’s Growth Attracts Major Investments
Since Telegram introduced Mini Apps in 2023, TON has experienced significant growth. Games like Notcoin and Hamster Kombat have fueled this expansion. According to DefiLlama, TON-based projects’ total value locked (TVL) surged by 3,000%, reaching $420.56 million.
The TON network has also surpassed 10 million monthly active wallets, according to Anatoly Makosov’s blog, reflecting its growing popularity and user trust.
Bitget and Foresight’s investment adds to earlier contributions from DWF Labs and Cypher Capital, each of which invested $10 million. Pantera Capital’s $300 million commitment, its largest ever, underscores the growing confidence in TON’s future.
Investors like Animoca Brands and HashKey Group have also backed TON, signaling confidence in its future.
With this influx of capital, TON’s future appears promising, especially as the network continues to tap into the reach and influence of Telegram. Bitget and Foresight’s investment signals strong belief in TON’s potential to become a key player in the broader cryptocurrency ecosystem.
