TON Blockchain Receives $30 Million Boost from Bitget and Foresight Ventures

Sentiment Status: Positive

The Bitget and Foresight Ventures investment targets the development of major play-to-earn (P2E) games on Telegram, such as Hamster Kombat and Notcoin.

Crypto exchange Bitget and venture capital firm Foresight Ventures have jointly invested $30 million in The Open Network blockchain. The strategy focuses on promoting DApps and play-to-earn games within Telegram's user base.

Bitget and Foresight Ventures have acquired TON tokens directly from prominent holders, often referred to as "whales". This approach shows a deep commitment to the long-term development of the TON blockchain as Bitget's CEO, Gracy Chen, expressed: "By integrating our expertise in crypto infrastructure with TON’s decentralized architecture, we are well-positioned to strengthen the development of innovative products and solutions".

TON has emerged as one of the fastest-growing blockchain networks, due to its association with Telegram's massive user base of over 900 million people. The network witnessed remarkable growth including a 2,700% increase in Total Value Locked (TVL) since the beginning of the year, now surpassing $400 million.

Forest Bai, co-founder and CEO of Foresight Ventures remarked on Ton's potential stating "The rise of the TON ecosystem represents the largest growth opportunity in the cryptocurrency market this year and in the next three to five years".

The investment targets the development of major play-to-earn (P2E) games on Telegram, such as Hamster Kombat and Notcoin. These games use Telegram's platform to offer easy gaming experiences, utilizing the TON blockchain for transactions and tokenomics. 

By acquiring a significant amount of TON tokens, Bitget and Foresight Ventures aim to become more involved in the network's governance and future development plans. 

This investment comes right after Bitget achieved substantial growth in 2024. The exchange recently announced that it has reached 45 million users globally, nearly doubling its user base in the past year. Bitget has also become the fourth-largest crypto exchange by trading volumes, partly due to the increasing demand for innovative projects like those driven by the TON platform.

While Telegram and TON are separate entities, their ecosystems are closely linked. The integration of TON blockchain features within Telegram could revolutionize how users interact with crypto.