Bitget Wallet and Foresight Ventures Launch $20 Million Fund to Boost Telegram Mini Apps

Bitget Wallet, a non-custodial crypto wallet by the Bitget exchange, is pushing forward with its mission to accelerate crypto adoption, particularly within Telegram's ecosystem.

On November 11, Bitget Wallet and Foresight Ventures unveiled a new $20 million funding initiative designed to fuel the growth of Telegram Mini Apps.

This program aims to support innovative projects within the Telegram Mini App ecosystem, offering developers the opportunity to receive both financial and technical backing. It is part of a broader effort to enhance the potential of Telegram-linked blockchain, The Open Network (TON), which has faced recent struggles despite strong growth earlier this year.

Since hitting a peak of $776 million in total value locked (TVL) in July, TON’s ecosystem has faced a significant decline, dropping to around $311 million by late August due to various factors, including Telegram CEO Pavel Durov’s legal troubles. While TVL saw some recovery through September and October, it has since leveled off at $356 million, according to DefiLlama.

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In light of these challenges, the $20 million funding program is seen as a crucial step in rejuvenating the TON ecosystem. It will offer a variety of support, including access to Bitget Wallet’s developer toolkit, operational and marketing guidance, and opportunities for strategic partnerships with Telegram Mini Apps. The program also provides potential for exposure to Bitget’s user base and investment assistance from Foresight Ventures.

This move follows a $30 million investment by Bitget and Foresight Ventures into the TON blockchain in September 2024, marking their deeper commitment to the future development and governance of TON.

Source

Kostadin Dimitrov