Bitget Wallet & Foresight Ventures Throws $20M to Support Telegram Mini App Ecosystem
Bitget Wallet, the non-custodial wallet from Bitget exchange, is advancing crypto adoption on Telegram with a new funding initiative aimed at Telegram Mini Apps.
On 11 November, Bitget Wallet and crypto investment firm Foresight Ventures announced a joint $20 million support program to foster innovation within Telegram's Mini App ecosystem.
This initiative aims to empower developers, support new projects, and drive growth across the platform, creating fresh opportunities for Telegram's developer community.
⚡️Bitget Wallet and Foresight Ventures launch new $20M support program for #Telegram mini apps.
They’re all about pushing adoption, offering tech support, marketing muscle, and even helping with access to their huge Telegram user base.
This comes hot on the heels of their $30… pic.twitter.com/U7niYtflGv
— Traders Paradise (@abhaypatill) November 11, 2024
Dip in TON's TVL & Price
Telegram Mini Apps like Notcoin and Hamster Kombat propelled significant growth for The Open Network (TON) blockchain platform throughout 2024.
However, TON has since faced notable challenges, including a major sell-off.
After peaking at $776.6 million in total value locked (TVL) in July 2024, TON projects saw a steep decline in late August following Telegram CEO Pavel Durov's arrest in France, with TVL dropping to $311 million.
Bitget Wallet and Foresight Ventures launch a $20M grant to support Telegram’s Mini App ecosystem, even as TON’s TVL sees a 50% drop since July. #Bitget #TON #Crypto
— The Bitcoin Daily (@tbdbitcoin) November 11, 2024
Although there was some recovery in September and October, TON's TVL has continued to fall, now standing at $371 million, per DeFiLlama.
TON's token price currently sits at $5.29, down 2.94% in the past 24 hours, according to CoinMarketCap.
📊NEUTRAL: $TON (3D)#TONUSDT | #TON | #Toncoin
the price action
If this pattern plays out, we could see a drop to $2.30 - $2.50.
The Platform:https://t.co/NOUT4zvTsU pic.twitter.com/DaI8pLBG6j
— Stephen Davies (@daviesstephenc) November 10, 2024
Hamster Kombat, once a popular tap-to-earn game on Telegram, has also seen a sharp decline in its user engagement and activity since its trading launch in September.
Will This New Funding Help Recover TON's Ecosystem?
Bitget Wallet and Foresight Ventures are launching a $20 million initiative to support and expand Telegram's Mini App ecosystem, offering both investment and educational resources.
Through this programme, Bitget Wallet will provide technical support, including access to its OmniConnect developer kit, alongside operational and marketing assistance, leveraging its extensive Telegram wallet user base to foster community growth.
The initiative also presents opportunities for strategic collaborations with leading Telegram Mini Apps, potential listings on Bitget, and investment backing from Foresight Ventures.
This funding follows a previous $30 million strategic investment in the TON blockchain announced in September 2024, marking Bitget and Foresight's deeper commitment to TON's governance and long-term development.
"@bitgetglobal and @ForesightVen have made a strategic $30 million investment in The Open Network (#TON) blockchain. This investment aims to enhance the development of Telegram-based projects, focusing on tap-to-earn games such as @hamster_kombat and @thenotcoin." 💎
Via… pic.twitter.com/qT9ChDhh4p
— TON 💎 (@ton_blockchain) September 18, 2024
