The Open Network (TON Blockchain) has secured an investment of $30 million from crypto exchange Bitget and Web3 investment firm Foresight Ventures.
The funding, which is made through the acquisition of TON tokens, is aimed at accelerating the adoption of Tap-to-Earn models, GameFi, and other emerging trends within the TON ecosystem, the company said in a press release shared with CryptoNews.
TON is a blockchain that has gained momentum within the Telegram ecosystem, leveraging the platform’s 900 million users.
TON Becomes One of Fastest-Growing Blockchains
A recent report from Bitget Research highlighted that TON has become one of the fastest-growing blockchains in 2024, experiencing rapid growth across several metrics.
On-chain transactions, total value locked (TVL), and decentralized exchange (DEX) trading volumes have all surged, along with the popularity of decentralized applications (dApps) such as Catizen, DOGS, and Tomarket, which have attracted millions of users.
“In the past six months, TON’s TVL has surged 18-fold to reach $350 million,” Foresight Ventures’ Co-Founder and CEO Forest Bai said.
He added that the ecosystem boasts over 1,000 dApps, many with millions of users.
Bitget’s investment in the TON blockchain comes as the exchange continues to expand.
The exchange’s global user base has grown to 45 million by Q3 2024, doubling in the past year.
In 2024, Bitget also contributed to TON’s ecosystem through TONNECT 2024, a major online event aimed at accelerating the development of emerging dApps.
The popularity of TON, particularly in markets like Nigeria, has led Bitget’s decentralized wallet to outperform major global apps like TikTok and WhatsApp on Apple’s App Store in the region.
“As Bitget continues to build around The Open Network, our collaboration with TON provides a strong foundation for driving forward projects that align with our vision,” Gracy Chen, CEO of Bitget, said.
“With our expertise in crypto infrastructure and TON’s decentralized architecture, we are well-positioned to advance the development of innovative solutions and move the industry closer to mass adoption.”
Telegrams TON Surpasses 1 Billion Total Transactions
The TON Network has surpassed 1 billion total transactions in the wake of a high-profile memecoin airdrop, which also caused two major network outages.
As reported, the network’s transaction volume has now exceeded 1.04 billion, with half of these transactions occurring in the past three months alone.
TON’s continued growth is largely attributed to recent developments, including the introduction of the W5 smart wallet standard.
The smart wallet standard, launched in collaboration with Tonkeeper, promises to deliver gasless transactions on TON blockchain.
In July, The Open Network Foundation also partnered with 1inch and Sign to launch the Web3 startup accelerator Triangle.
Meanwhile, Telegram held $400 million in digital assets by the close of 2023, according to its financial statement for that year.
Telegram, which had around four million premium users at the end of 2023, saw this number rise to over five million by mid-2024.
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