Bitget and Foresight Ventures make $30M bet on Toncoin blockchain

Bitget Exchange and Foresight Ventures have announced a significant $30 million investment aimed at accelerating the development of the Toncoin blockchain and Telegram-based play-2-earn games like Notcoin and Hamster Kombat.

This strategic investment will be made by purchasing TON assets directly from prominent holders, also known as whales, in the ecosystem. Unlike traditional deals where investors acquire digital assets from foundations supporting the blockchain, Bitget & Foresight Ventures will execute a direct purchase from Toncoin whales.

Bitget CEO Gracy Chen commented on the initiative, stating,

Both parties will jointly promote the development of more innovative products and solutions to accelerate the overall landing of TON ecology.

The TON blockchain has seen substantial momentum, benefiting from Telegram’s vast user base of over 900 million.

Toncoin: one of the fastest-growing networks in 2024

The Open Network has dominated the cryptocurrency landscape in 2024, showing remarkable growth across various metrics. The network has experienced a surge in total value locked (TVL), DEX trading volume, and on-chain transactions.

Decentralized applications such as Tomarket, DOGS, and Catizen have attracted millions of participants, helping maintain TON’s upward trajectory. Foresight Ventures CEO and co-founder Forest Bai commented on TON’s impressive expansion, stating:

The rapid development of the TON ecosystem is undoubtedly the largest growth driver of the encrypted money market in the current and future 3 to 5 years. In the past six months, TON’s total lock-up volume (TVL) has increased 18-fold to $350 million. TON Ecology currently has more than 1,000 dApps, many of which have millions of star applications. We hope to further help developers in the TON ecology achieve breakthrough growth through investment, incubation, and market support.

TON Network surpasses 1.3 billion total transactions

TON has seen increased activity, with total transactions surpassing 1.3 billion, spurred in part by large-scale airdrops. According to Tonscan data, the blockchain’s transaction volume is 1,361,547,686— reflecting a 50% surge in the past three months.

Recent developments, such as the launch of W5 smart wallet, designed to introduce gasless transactions on Open Network, have further fueled TON’s expansion.

Additionally, the Open Network Foundation has partnered with Sign and 1inch to introduce Triangle, a web3 startup accelerator. The newly launched T-Fund also aims to accelerate developer activity within the Toncoin ecosystem.

In another major development, the TON Foundation has joined forces with Curve Finance to leverage CRV’s CFMM technology for  a new swap project. This partnership is designed to improve stablecoin trading by reducing slippage and price impact.

Despite recent legal challenges, Telegram has demonstrated resilience, buoyed by the growing adoption of cryptocurrency within its ecosystem.

Toncoin price outlook

Toncoin traded at $5.55 after gaining over 6% in the past week.

Although the decline in trading volume suggests a possible short-term pullback, the bullish developments within the ecosystem indicates a strong potential for upward trends, particularly if the broader market enters a full-fledged bull run.