The Open Network (TON) represents a highly intricate and advanced blockchain and cryptocurrency ecosystem that operates in close connection with the widely used messaging platform, Telegram.

The TON ecosystem is poised to undergo a significant transformation with the forthcoming launch of a new fund. This fund is receiving strong backing from the Bitget cryptocurrency exchange, signifying a substantial development within the TON ecosystem.

Bitget, a prominent cryptocurrency exchange platform, has formed a strategic partnership with Foresight Ventures, an esteemed investment firm headquartered in Singapore.

This partnership aims to jointly establish the TON Ecosystem Fund, a substantial investment fund valued at $20 million. This fund will be utilized to support and foster the growth of projects within the TON (Telegram Open Network) ecosystem.

This fund aims to support early-stage projects within the TON ecosystem, especially with the increasing popularity of TON-based applications and the native cryptocurrency, Toncoin (TON).

The fund’s primary goal is to offer comprehensive support for project development in the TON ecosystem, which includes measures such as providing liquidity on the Bitget platform, as outlined in the official announcement.

The funding initiative is designed to take advantage of the rapid and tumultuous growth of TON (Telegram Open Network) in 2024.

According to Delphi Digital, the growth of the TON ecosystem can be attributed to the substantial monthly user base of 900 million that Telegram boasts. This vast user base is consistently drawing in more participants to the cryptocurrency market on a daily basis.

Furthermore, the TON blockchain has been consistently outpacing Ethereum in terms of active addresses for almost a month, signifying a notable rise in TON’s influence within the crypto space.