How Bitget and Foresight Ventures Are Fueling TON’s Growth

• The Open Network (TON) is getting a major investment boost.
• Crypto exchange Bitget and venture capital Foresight Ventures are the latest to back the network.
• TON has formed major partnerships in recent months.

TON, the Open Network affiliated with the popular messaging platform Telegram, has been on a parabolic rise all year, marked by increasing user and chain activity, viral token launches, and a soaring TVL. Since its inception, the network has become one of the fastest-rising chains despite facing significant hurdles in recent months.

Capitalizing on its momentum, several firms are stepping in to support and accelerate TON’s expansion.

Bitget, Foresight Ventures Partner with TON

Crypto exchange Bitget and venture capital firm Foresight Ventures have become the latest firms to support TON. In a release on Wednesday, September 18, 2024, the firm announced a $30 million investment in the network to accelerate its ecosystem further.

The funding, made through the acquisition of TON’s native token from major holders, is aimed at supporting projects within the ecosystem, particularly those related to the “tap-to-earn” gaming space integrated into Telegram.

Beyond financial backing, Bitget and Foresight Ventures will also contribute to TON’s ongoing development by shaping its governance. 

The latest investment builds on TON’s recent expansion initiatives.

TON and Curve Finance Join Forces

The Ton Foundation has recently collaborated with Curve Finance to build a stablecoin swap on the network. 

The integration, announced on September 17, 2024, will enhance stablecoin trading on the network, using Curve’s expertise in decentralized finance (DeFi) to streamline transactions. The partnership will also introduce Curve’s Constant-function market maker (CFMM) technology to TON’s expanding blockchain, leveraging the experience to develop TON-based liquidity pools. 

The platforms added that the integration will allow traders to exchange stablecoins such as USDT with lower fees on the network and enjoy improved price stability.

TON also recently integrated with Tether to make USDT, the world’s largest stablecoin, more widely accessible globally.

On the Flipside

• TON’s native token has reacted rather coldly to the news, showing a slight decline over the past 24 hours.
• In August 2024, TON suffered two major outages .
• Bitget has recently surpassed a 45 million user base.

Why This Matters

Building on other initiatives, Bitget and Foresight Ventures’ Investment in TON will contribute to its ongoing growth, further strengthening its position in the blockchain ecosystem.

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