Bitget and Foresight Ventures have announced a $30 million investment in The Open Network. The companies will buy TON tokens as well as support GameFi and tap-to-earn projects. Crypto exchange Bitget and web3 investment firm Foresight Ventures have announced a $30 million strategic investment in TON blockchain. In an announcement on Sept. 18, the two […]The post Bitget and Foresight Ventures announce $30M investment in TON appeared first on CoinJournal.

Bitget and Foresight Ventures announce $30M investment in TON

  • Bitget and Foresight Ventures have announced a $30 million investment in The Open Network.
  • The companies will buy TON tokens as well as support GameFi and tap-to-earn projects.

Crypto exchange Bitget and web3 investment firm Foresight Ventures have announced a $30 million strategic investment in TON blockchain.

In an announcement on Sept. 18, the two companies sid they will allocate the investment via the acquisition of Toncoin (TON) tokens. The partnership will also seek to fuel growth for The Open Networks GameFi and tap-to-earn ecosystem.

TON ecosystem growth

Bitget and Foresight Ventures will also invest in emerging trends across the TON network, with these part of the growing Telegram presence in the web3 ecosystem. Telegram has more than 900 million users, a factor that has played a huge role in TONs growth into a leading blockchain network.

Gracy Chen, the chief executive officer of Bitget, commented on the investment by noting that it aligns with the crypto exchanges continued support for TON.

By integrating our expertise in crypto infrastructure with TONs decentralized architecture, we are well-positioned to strengthen the development of innovative products and solutions. Together, we are bringing the crypto industry closer to mass adoption than ever before, the Bitget CEO added.

Catizen, DOGS and other TON dApps

As well as a spike in on-chain transactions, TON has recorded a substantial pump in total value locked, and decentralized exchange volume among other metrics. The growth has come amid massive interest and adoption for projects such as Hamster Kombat, Catizen and DOGS.

Bitget partnered with DOGS for its airdrop in August and earlier in June introduced advanced integration of TON dApps.

Forest Bai, co-founder and chief executive officer of Foresight Ventures said the surge in TON TVL over the past six months suggests the blockchain ecosystem could be poised for explosive growth in the next three to five years.

According to Bai, the partnership will offer further support to developers, enabling new growth via incubation, investment and marketing support.

The $30 million investment will also see Bitget and Foresight Ventures increase their participation in TON governance and future plans. While TON continues to see growth, the past month or so wasnt all smooth-sailing for the blockchain network.

DOGS launch disrupted the network, with congestion leading to major outages. Telegram CEO Pavel Durovs arrest in France also saw Toncoin price sink.

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