Bitget and Foresight Ventures invest $30 million in the TON blockchain

• Bitget and Foresight Ventures made a $30 million strategic investment in The Open Network (TON) blockchain.
• This investment aims to improve the development of Telegram-based projects, focusing on tap-to-earn games such as Hamster Kombat and Notcoin.
• This transaction was not structured as a traditional venture capital investment, but rather as a purchase from the largest token holders.

Bitget and Foresight Ventures have made a strategic investment of $30 million in The Open Network (TON) blockchain, acquiring tokens directly from major holders to boost the development of Telegram-based projects, including innovative tap-to games -earn like Hamster Kombat and Notcoin.

Bitget and Foresight Ventures take stakes in The Open Network

On Wednesday, crypto exchange Bitget and Web3 investor Foresight Ventures announced that they have made a strategic investment of $30 million in The Open Network (TON) blockchain.

This investment was not a traditionally structured deal where investors buy tokens from the foundation backing the blockchain, but rather a direct purchase from TON whales.

The investment intends to boost the development of Telegram-based applications, especially tap-to-earn games. Telegram-based casual video games such as Hamster Kombat (HMSTR) and Notcoin (NOT) recently attracted millions of users with the promise of earning cryptocurrency tokens.

“By integrating our expertise in crypto infrastructure with TON’s decentralized architecture, we are well positioned to strengthen the development of innovative products and solutions,” Bitget CEO Gracy Chen wrote in a blog post. “Together, we’re bringing the crypto industry closer to mass adoption than ever before.”

Following the $30 million investment, Bitget and Foresight Ventures will become more involved in the governance of the TON blockchain and future growth plans, enabling the creation and launch of additional dApps on the TON network. The TON ecosystem already boasts over 1,000 dApps and millions of users.

“The momentum of the TON ecosystem represents the biggest growth opportunity in the cryptocurrency market this year and the next 3-5 years,” said Foresight Ventures CEO Forest Bai. “In the past six months, TON’s TVL has grown 18 times to $350 million.”