The Open Network (TON) is a revolutionary platform designed to support blockchain and cryptocurrency activities within the Telegram messenger ecosystem. In an exciting development, the platform is receiving a significant boost through the establishment of the $20 million TON Ecosystem Fund.

This fund is being launched in collaboration with Bitget, a prominent crypto exchange, and Singapore-based investment firm Foresight Ventures. The official announcement regarding this strategic alliance was shared with Cointelegraph on June 26.

This fund is expected to further strengthen and expand the TON ecosystem, opening up new opportunities for innovation and growth within the cryptocurrency landscape.

The $20 million TON Ecosystem Fund has been established with the goal of providing support to early-stage projects within the TON ecosystem, especially in light of the growing number of TON-based applications and the emergence of the native cryptocurrency, Toncoin (TON).

The primary purpose of the fund is to fully nurture project development within the TON ecosystem, which includes the provision of liquidity on the Bitget platform, as highlighted in the announcement.

The funding initiative aims to capitalize on the substantial growth of TON (Telegram Open Network) in 2024. Delphi Digital states that the expansion of the TON ecosystem is propelled by Telegram’s monthly user base, which totals 900 million, leading to a continuous influx of users into the world of cryptocurrency.

By mid-June, the TON blockchain consistently registered a higher number of active addresses than Ethereum, maintaining this trend for almost a month.

The total value locked (TVL) in the TON ecosystem has increased by more than fivefold over the past two months, reaching $600 million. This growth is attributed to the influx of new projects and assets such as TON-based Tether (USDT), DeDust.io, Ston.fi, and others.