- Bitget and Foresight Ventures have invested $30 million into The Open Network (TON)
- The companies will buy TON tokens and support GameFi and tap-to-earn projects
Crypto exchange Bitget and Foresight Ventures, a Web3 investment firm, have announced a $30 million strategic investment in TON blockchain.
In an announcement, the two companies said they will allocate the investment through the acquisition of Toncoin (TON) tokens. The partnership will also seek to fuel growth for The Open Network’s GameFi and tap-to-earn ecosystem.
TON ecosystem growth
Bitget and Foresight Ventures will also invest in emerging trends across the TON network, with these part of the growing Telegram presence in the Web3 ecosystem. Telegram has more than 900 million users, a factor that has played a huge role in furthering TON’s growth into becoming a leading blockchain network.
Gracy Chen, CEO of Bitget, commented on the investment by noting that it aligns with the crypto exchange’s continued support for TON.
“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,” Chen said. “Together, we are bringing the crypto industry closer to mass adoption than ever before.”
Catizen, DOGS, and other TON dApps
As well as a spike in on-chain transactions, TON has recorded a substantial pump in total value locked, and decentralized exchange volume among other metrics. The growth has come amid massive interest and adoption for projects such as Hamster Kombat, Catizen, and DOGS.
Bitget partnered with DOGS for its airdrop in August and earlier in June introduced advanced integration of TON dApps.
Forest Bai, co-founder and chief executive officer of Foresight Ventures, said the surge in TON’s total value locked over the past six months suggests the blockchain ecosystem could be poised for explosive growth in the next three to five years.
According to Bai, the partnership will offer further support to developers, enabling new growth via incubation, investment, and marketing support.
The $30 million investment will also see Bitget and Foresight Ventures increase their participation in TON governance and future plans. While TON continues to see growth, the past month or so wasn’t all smooth-sailing for the blockchain network.
DOGS launch disrupted the network, with congestion leading to major outages. Telegram CEO Pavel Durov’s arrest in France also saw Toncoin’s price sink.