Blockchain TON receives $30 million in investment; Token jumps 3%

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Blockchain TON receives $30 million in investment; Token jumps 3%
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Cryptocurrency exchange Bitget and crypto investment firm Foresight Ventures have announced a joint investment of $30 million in blockchain The Open Network (TON). According to the announcement, the investment aims to accelerate the development of Telegram-based projects, with a special focus on tap-to-earn games, where users can earn tokens while playing.

In recent months, casual games like Hamster Kombat and Notcoin (NOT), which operate within the Telegram ecosystem, have gained millions of users. This is because these games offer the possibility of earning cryptocurrency by participating in activities. This new investment from Bitget and Foresight Ventures aims to further expand this trend by directly supporting projects and innovations on the TON blockchain.

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According to the statement released by the companies, the amount will be allocated mainly through the acquisition of TON tokens.

“We are committed to engaging more deeply in the governance and future development of the TON blockchain,” the companies said in a joint statement. TON, which has gained notoriety for its integration with the Telegram ecosystem, is seen as a promising platform for mass adoption of Web3 projects.

The strength of the partnership between TON and Telegram

Although Telegram and TON operate independently, the two systems work together seamlessly. The messaging app plays a key role in popularizing blockchain-based projects. Furthermore, Telegram’s vast user base, with hundreds of millions of active members, provides fertile ground for the adoption of Web3 solutions and crypto assets.

Forest Bai, CEO of Foresight Ventures and co-founder of The Block, highlighted that the growth of the TON ecosystem represents one of the biggest opportunities in the cryptocurrency market in 2024.

“TON is positioned to lead the next wave of mass adoption in the crypto space, especially through its integration with Telegram,” Bai said.

With this new investment, Bitget and Foresight Ventures aim to strengthen TON’s governance and future development plans. At the same time, they seek to leverage the accelerated growth of blockchain to further fuel innovation in the crypto space.

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The Toncoin token, native to the TON blockchain, has surged nearly 3% in the past 24 hours following the announcement. According to data from CoinGecko, at the time of writing, the crypto asset is priced at $5.55.