Crypto exchange Bitget and Foresight Ventures, an investment firm focused on Web3, have jointly announced a $30 million investment in the TON blockchain.
This funding aims to enhance the adoption of tap-to-earn and GameFi within the TON ecosystem. The investment will take place through the purchase of TON tokens.
TON Ecosystem Invites Huge Investors’ Interest
The TON blockchain, tightly integrated with the Telegram ecosystem, boasts rapid growth thanks to Telegram’s 950 million user base. As of 2024, TON enjoyed a tenfold increase in on-chain transactions and the total value locked (TVL). Popular TON-based decentralized applications (dApps) such as Catizen, DOGS, and Hamster Kombat have captivated millions of users.
Read more: What Are Telegram Mini Apps? A Guide for Crypto Beginners
“The surge of the TON ecosystem represents the biggest growth opportunity in the cryptocurrency market this year and in the next 3-5 years,” Forest Bai, CEO of Foresight Ventures, told BeInCrypto.
Additionally, in an interview with BeInCrypto, Junbo Yang, Investment Manager at Hashkey Capital, discussed that the appeal of the TON ecosystem extends beyond its technical innovations.
“The ability to move from gameplay to crypto transactions without leaving the app is a huge competitive edge,” Yang told BeInCrypto.
Moreover, Binance, a major player in the crypto exchange market, has also shown a keen interest in the TON ecosystem. The customer support team at Binance recently teased the upcoming release of “Moonbix,” a play-to-earn (P2E) game available on Telegram’s Mini App platform. This space-themed game allows players to navigate a spaceship with a claw-like manipulator to collect items, resembling traditional gold mining games.
On another front, Binance Labs has made a strategic investment in Blum, a decentralized exchange that combines features of both centralized and decentralized platforms.
Blum, a gamified Telegram mini app, capitalizes on the ‘tap-to-earn’ model and boasts over 60 million users. It maintains a strong presence on its Telegram channel, with more than 22 million subscribers.
Read more: Top 7 Telegram Tap-to-Earn Games to Play in 2024
Moreover, Binance’s decision to list the HMSTR token from Hamster Kombat is a strategic move aimed at tapping into the game’s massive user base of over 200 million players, many of whom are new to cryptocurrencies. This listing is poised to attract a new wave of crypto enthusiasts, expanding Binance’s influence in the global market.
While investors are rushing towards the TON ecosystem, the blockchain also has its own set of challenges. Last month, the TON blockchain suffered from two outages that halted the block production.
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