Bitget Wallet, the non-custodial cryptocurrency wallet from Bitget exchange, has launched a $20 million funding program in partnership with crypto investment firm Foresight Ventures. The initiative, announced via press release on Monday, aims to accelerate the adoption of Telegram’s Mini App ecosystem, providing ample opportunities for developers to create innovative applications.
Strategic Push for TON and Telegram Mini Apps
Telegram Mini Apps, including popular platforms such as Notcoin and Hamster Kombat, have significantly contributed to the expansion of The Open Network (TON) blockchain in 2024. However, recent challenges within the TON ecosystem, including a drop in total value locked (TVL) from $776.6 million in July to $311 million after the arrest of Telegram CEO Pavel Durov, underscore the need for revitalization. Despite some recovery, TVL currently sits at $356 million, according to DefiLlama data.
Comprehensive Developer Support and Partnership Opportunities
The $20 million funding program aims to address these challenges by providing financial backing, technical support via Bitget’s OmniConnect developer kit, and extensive operational assistance, including marketing and access to the Telegram wallet user community. Bitget Wallet and Foresight Ventures also plan to offer strategic partnerships, potential listings on Bitget exchange, and additional investment opportunities.
Alvin Kan, COO of Bitget Wallet, commented on the program: “We believe Telegram provides the ideal platform for developers to reach new users and build impactful applications. We are excited to see the next wave of innovation emerge from our partnership with prominent projects in this ecosystem.”
Bitget’s Growing Presence in the TON Ecosystem
Bitget’s $20 million fund builds on previous investments, including a $30 million strategic stake in the TON blockchain in September. Earlier in June, Bitget launched a support package for the TON network, aimed at fostering the growth of decentralized applications and solidifying Bitget’s influence in this rapidly expanding blockchain ecosystem. The company also introduced the Telegram Signal Bot, a tool designed to streamline trading signal sharing across communities, enhancing efficiency and convenience.
Surge in Telegram Mini App Engagement and TON Transactions
This latest initiative arrives as Telegram’s Mini Apps experience a surge in user adoption, driven by millions of users joining daily. Telegram also introduced a new payment feature, “Telegram Stars,” compatible with both iOS and Android, allowing in-app purchases and further boosting engagement.
TON’s network recently exceeded 1 billion transactions, half of which took place in the past three months alone, fueled by developments like the W5 smart wallet standard created in partnership with Tonkeeper. The W5 standard supports gasless transactions, positioning TON for continued growth and adoption.
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