TON network secures $30M investment from Bitget and Foresight Ventures

Bitget, a leading crypto exchange, and Foresight Ventures, a leading investment firm, announced a joint $30 million investment in the TON blockchain on September 18. According to the statement, the investment aimed to enhance Telegram-based projects, with a specific focus on click-to-earn games like Notcoin and Hamster Kombat.   

The joint statement attributed TON’s rapid growth to Telegram’s over 900 million users in 2024. Bitget and Foresight claimed that the TON blockchain had grown 10-fold in DEX trading volume, ecosystem TVL, and on-chain transactions, leading to trending dApps like Tomarket, DOGS, and Catizen, each boasting millions of users.

Bitget and Foresight fuel TON’s growth with ‘more say’ on its governance  

The joint statement asserted that the recent surge in the TON ecosystem’s performance represented the biggest crypto market growth opportunity in 2024 and the next five years. DefiLlama’s data showed that the TON’s TVL had risen by over 2,700% since January 1, 2024, to $403.86 million. Forest Bai, the co-founder and CEO of Foresight Ventures, stated that the partnership would continue supporting TON ecosystem developers by providing market support, investment, and incubation. 

Bitget and Foresight expressed their interest in engaging deeply in the TON blockchain’s governance and plans for future developments of emerging blockbuster dApps within the ecosystem. According to Bitget, commitment to TON’s growth came at a time when its focus on ecosystem development and service expansion saw its user base increase to 45 million in Q3 of 2024. The crypto exchange disclosed that its increased performance was partly due to the surge in demand for innovative projects like Bitget’s decentralized wallet for TON users. 

“As Bitget continues to BUIDL around The Open Network, our partnership with the TON blockchain provides a solid foundation for driving initiatives that align with our vision.”

– Gracy Chen , CEO at Bitget

Bitget and Foresight elaborated that integrating their combined expertise in crypto infrastructure with TON’s decentralized architecture positioned the collaboration well to strengthen the development of innovative solutions and products. Together, the three giants hoped to bring mass adoption of the crypto industry like never before.

Bitget experiences growth in 2024 

According to a September 18 press release from Bitget, the crypto exchange’s achievements in 2024 positioned it among the top four crypto exchanges by volume with a YoY (year-on-year) increase of its Total Transaction Volume by over 50%. 

Bitget disclosed that it had recorded significant growth in Southeast Asia (216%), Africa (1,614%), and South Asia (729%). The platform also witnessed an increase in traffic by 50% and a total asset flow of approximately $700 million in the first half of 2024.

Bitget’s CEO affirmed that Bitget’s growth resulted from its continuous innovation, supported by the best product teams and engineers in a strong workforce of about 1,500 talents. In addition to business growth, Bitget said it was also committed to impactful CSR (Corporate Social Responsibility) initiatives like #Blockchain4Her and Blockchain4Youth.