Bitget raises $20M fund to support growth in the TON ecosystem

Bitget has announced its latest funding of $20 million for the TON ecosystem to help support development and drive the adoption of Web3. The fundraising was done alongside Singapore-based investment firm, Foresight Ventures.

The $20 million TON Ecosystem Fund is set up to support new projects on the TON blockchain. This comes as TON-based applications and the native cryptocurrency, Toncoin (TON), are gaining popularity.

The fund will help these early-stage projects by providing full development support. This includes offering liquidity on the Bitget platform, and ensuring that projects have the resources they need to grow and succeed within the TON ecosystem.

Bitget is a global cryptocurrency exchange offering users a wide range of trading options. The platform with a daily trading volume of around $1.4 billion, provides spot trading, perpetual contracts, copy trading, and other innovative features to cater to the diverse needs of its user base. 

The TON (The Open Network) ecosystem is a fast-growing player in the Web3 landscape, offering a robust and scalable blockchain infrastructure for decentralized applications (dApps) and decentralized finance (DeFi) solutions. 

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With a market capitalization exceeding $19 billion, TON has attracted millions of users globally over the past six to eight months through new projects. Notable examples include Notcoin, which broke several industry records, Tapswap, Hamster Kombat, Blum, and Pixelverse.

Additionally, the total value locked (TVL) in the TON ecosystem has increased more than fivefold in the past two months, surpassing $700 million. This growth is partly due to the influx of new projects and assets such as TON-based Tether (USDT), DeDust.io, and STON.fi.

Bitget CEO Gracy Chen noted the positive feedback loop in the TON ecosystem, reflected in user growth, increased TVL, and rising token prices. She emphasized TON’s potential to create a fairer future and highlighted their Telegram Signal Bot as a tool for empowering the community and enhancing the user experience.

Apart from this fund, Bitget launched the Telegram Signal Bot, which was designed to streamline direct trading signals across trading communities.