In a recent announcement, Bitget Wallet, a non-custodial cryptocurrency wallet that belongs to the Bitget exchange, has launched a new funding program targeting the Mini Apps ecosystem of Telegram. With the help of the investment company Foresight Ventures, Bitget has planned an investment of $ 20 million in this project. Its purpose is to establish a more robust base for Telegram's blockchain by encouraging new projects and providing ways for developers to advance the platform.
The $20 million program seeks to enhance Telegram's Mini Apps, including popular platforms like Notcoin and Hamster Kombat. These applications have been instrumental in the rapid expansion of The Open Network (TON) blockchain, which has seen notable growth throughout 2024. However, the TON ecosystem recently faced significant challenges after a peak in July, which saw the total value locked (TVL) in TON projects reach $776.6 million before a decline in August following the arrest of Telegram CEO Pavel Durov in France. Although TON's TVL saw a partial recovery to $356 million, the ecosystem has struggled to regain momentum.
Bitget Wallet and Foresight Ventures are addressing these challenges by providing financial support and technical and operational assistance. Through its OmniConnect developer kit, Bitget Wallet will offer technical resources for developers. The initiative also includes access to Bitget's extensive Telegram user base, enabling developers to build and expand their communities.
Beyond financial aid, the funding program offers pathways to strategic partnerships, potential Bitget exchange listings, and further investments from Foresight Ventures. This support will allow developers to enhance their applications and create new use cases within the TON ecosystem. Alvin Kan, Bitget's COO, shared his opinions, stating that Telegram will become a useful platform for developers and new users to connect. He also revealed the earnest efforts that Bitget will devote to developing more innovative projects through such a platform.
In September 2024, Bitget and Foresight Ventures made a $30 million strategic investment in the TON blockchain. The investment aimed to deepen their involvement in TON's governance and support the blockchain's development. This latest $20 million program continues Bitget's commitment to growing the TON ecosystem, positioning it as a key player in the blockchain landscape.
This initiative is part of Bitget's broader integration strategy with the TON ecosystem. In June, Bitget launched a support package for TON, aiming to connect decentralized applications within the network and strengthen its presence in the ecosystem. Bitget's Telegram Signal Bot also introduced direct trading signals across various communities, streamlining user trading processes.
Telegram's recent updates, such as the introduction of in-app payments with "Telegram Stars" and a high-profile memecoin airdrop, have continued to drive growth. TON's transaction volume has surged, surpassing one billion transactions, with half occurring in the past three months. The TON blockchain's adoption of the W5 smart wallet standard has enabled gasless transactions, adding to the network's appeal.