Bitget and Foresight Ventures invest $30 million in TON blockchain

Bitget and Foresight Ventures have made a strategic $30 million investment in The Open Network (TON) blockchain, purchasing tokens directly from major holders to boost the development of Telegram-based projects, including innovative tap-to-earn games like Hamster Kombat and Notcoin.

Bitget and Foresight Ventures take stake in The Open Network

On Wednesday, the crypto exchange Bitget and Web3 investor Foresight Ventures announced that they had made a strategic $30 million investment in The Open Network (TON) blockchain.

This investment wasn’t a traditionally structured deal in which the investors buy tokens from the foundation that supports the blockchain but rather a direct purchase from TON whales.

The investment intends to boost the development of Telegram-based applications, particularly tap-to-earn games. Casual Telegram-based video games such as Hamster Kombat (HMSTR) and Notcoin (NOT) have recently drawn millions of users with the promise of earning cryptocurrency tokens.

“ 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,” wrote Bitget CEO Gracy Chen in a blog post. “Together, we are bringing the crypto industry closer to mass adoption than ever before.” 

Following the $30 million investment, Bitget and Foresight Ventures will become more involved in the TON blockchain’s governance and future growth plans, enabling the creation and launch of additional dApps on the TON network. The TON ecosystem already boasts over 1,000 dApps and millions of users.

“The surge of the TON ecosystem represents the biggest growth opportunity in the cryptocurrency market this year and in the next 3-5 years,” said Foresight Ventures CEO Forest Bai. “Over the past six months, TON’s TVL has increased 18-fold, reaching $350 million.”