Bitget Wallet and Foresight are looking to once again commit this new $20 million fund to boosting Telegram’s Mini App ecosystem.
Bitget exchange’s non-custodial crypto wallet, Bitget Wallet, has taken another step in its crypto adoption efforts on Telegram. It tapped crypto investment firm Foresight Ventures on Monday, November 11, to launch a $20 million support program for Telegram Mini Apps. This new funding initiative, according to an announcement first reported by Cointelegraph, is aimed at two things.
First, it is Bitget Wallet’s way of supporting the creation of new projects in Telegram’s Mini App ecosystem. The fund will also help to create new opportunities for developers and projects that may already exist.
Bitget Targets Perfect Timing for $20M Fund
It might be worth noting that the level of success that The Open Network (TON) once enjoyed is no more. In July, the network saw its total value locked (TVL) peak at $776 million. However, that massive growth would not have happened but for the influence of Telegram Mini Apps like Notcoin and Hamster Kombat.
Since this July peak, though, the TON ecosystem has not been the same. Its TVL has fallen by over 50% to date. After the TON ecosystem faced a massive sell-off.
Notably, the sell-off began in late August when Telegram CEO Pavel Durov was detained by authorities in France. Durov’s arrest immediately saw the total value locked in TON projects drop to as low as $311 million.
Relatively, there was a slight improvement in September and parts of October. Overall, though, TON’s TVL continues to drop, and as of this publication, was seen at $356 million on the DefiLlama data chart.
Reviving the TON Ecosystem
Interestingly, the recovery recorded may be linked in part to the September trading debut of Telegram’s once-biggest tap-to-earn game Hamster Kombat.
Also, Bitget and Foresight Ventures announced another $30 million strategic investment in the TON blockchain back in September 2024.
In view of the above, Bitget Wallet and Foresight are looking to once again commit this new $20 million fund to boosting Telegram’s Mini App ecosystem. On top of the funding, the partners will also seek to provide investment and educational support.
With this program, Bitget Wallet will provide technical, operational, and marketing support. This means it would also be opening up access to its Telegram wallet user base for community building.
From the look of things, Bitget and Foresight may have taken it upon themselves to get more involved in TON Blockchain’s governance and future development plans.
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