TON Blockchain Receives $30M Investment From Bitget and Foresight Ventures

The Open Network (TON) has received a significant capital injection from the crypto exchange, Bitget, and the Web3 investment firm, Foresight Ventures.

In a Sept. 18 announcement, Bitget revealed that both companies have invested $30 million in the TON blockchain to accelerate the development of TON projects on Telegram.

Boosting Tap-to-Earn Development

The company stated that the strategic investment is targeted at boosting the development of tap-to-earn games in the TON ecosystem.

The emergence of popular Telegram-based games like Notcoin and Hamster Kombat has attracted millions of users to the crypto space. These TON-based projects reduce barriers to entry into crypto, paving the way for mass adoption.

As part of the investment deal, Bitget and Foresight Ventures will “engage more deeply in the TON blockchain governance and future development plans.” The $30 million investment will be allocated through the acquisition of TON’s native utility token, Toncoin.

TON Blockchain Records Remarkable Growth

Bitget and Foresight Ventures’ investment comes at a time when TON blockchain is experiencing significant growth across several metrics.

According to a recent report from Bitget Research, TON is currently one of the fastest-growing and most popular blockchain networks in 2024. The blockchain’s on-chain transactions and total value locked (TVL) have all surged in the past few months, with the TVL sitting at over $350 million.

The TON ecosystem boasts over 1,000 (dApps) across different sectors of the industry such as DeFi, GameFi, Meme tokens, and more. The adoption of these dApps contributed greatly to TON’s growth.

TON’s user base has also increased over the past few months. In August, the network reached a record 1.1 million active daily users.

Commenting on the blockchain’s impressive performance, Forest Bai, the co-founder and CEO of Foresight Ventures said, “The surge of the TON ecosystem represents the biggest growth opportunity in the cryptocurrency market this year.”