- Bitget and Foresight Ventures invest $30 million in the TON blockchain ecosystem to promote its expansion and drive GameFi and Tap-to-Earn games.
- The investment focuses on stronger participation in TON’s governance and development plans, while Bitget reports significant user growth.
On September 18, 2024, the cryptocurrency exchange Bitget and venture capital firm Foresight Ventures announced a strategic investment of $30 million in “The Open Network” (TON) blockchain ecosystem. Initially reported in yen, this amount has been converted to $30 million from the previously mentioned 4.2 billion yen. The investment is aimed at accelerating the spread of GameFi, Tap-to-Earn games, and other emerging trends tied to blockchain technology.
According to Bitget and Foresight Ventures, this investment will also strengthen their role in the governance and future development of the TON ecosystem. This is particularly significant, as both companies plan to actively participate in shaping the project’s future through the acquisition of TON tokens. Their goal is to promote the transition of users to new technologies and ecosystems such as GameFi.
What is GameFi?
GameFi is a blend of “game” and “finance,” referring to a new type of blockchain-based game where players can earn money that can be used in real life. These games allow users to participate in decentralized finance (DeFi) activities within the gaming world, such as trading assets, staking, or earning rewards.
In its announcement, Bitget highlighted that the TON-based project has created a solid use case for the Telegram ecosystem. TON, leveraging Telegram’s vast user base, has emerged as one of the fastest-growing blockchains in 2024. This growth is further fueled by Telegram’s integration with the blockchain and its focus on functionality within the TON ecosystem.
Bitget itself has also experienced rapid growth. The company reported that by the third quarter of 2024 (July to September), the number of global users had reached 45 million, a figure that has nearly doubled in just one year. This surge in user numbers is partially attributed to the rising demand for projects on platforms like TON.
Foresight Ventures co-founder Forest Bai commented on the announcement, emphasizing that the expansion of the TON ecosystem represents the most significant growth opportunity for the crypto market in the next three to five years. Over 1,000 applications have already been developed within the ecosystem, and the total value locked (TVL) in virtual currencies operating on TON has increased by a staggering 18-fold in just six months.