Telegram, a widely used messaging app, continues its expansion into the cryptocurrency market through a new $20 million fund from Bitget, a prominent cryptocurrency exchange. Supported by Singapore's Foresight Ventures, the fund aims to advance Telegram's blockchain and cryptocurrency ecosystem known as the Open Network (TON).

This initiative aims to foster growth in TON-based projects and increase investment and user engagement in Toncoin, the ecosystem's native cryptocurrency. The fund also provides comprehensive support throughout project development stages within TON, including liquidity on the Bitget platform.

The growing TON ecosystem owes much of its success to Telegram's massive user base, which is projected to reach 900 million monthly active users by 2024. This user base has shown increasing interest in cryptocurrency adoption. Recent data indicates that the TON blockchain often surpasses Ethereum in daily active addresses.

The rapid influx of new projects and assets has propelled a fivefold increase in the ecosystem's Total Value Locked (TVL) over two months, reaching $600 million. Projects like TON-based Tether (USDT), DeDust.io, and STON.fi have contributed significantly to this growth.

Concurrent with ecosystem expansion, Toncoin has reached record highs, peaking at $8.17 on June 14, marking a more than 400% return since the beginning of the year.

Bitget CEO Gracy Chen emphasized the firm's commitment to driving cryptocurrency adoption through initiatives like the TON ecosystem fund. Bitget has already integrated comprehensive TON support, including the Bitget Wallet non-custodial wallet and the Telegram Signal Bot for enhanced direct trading, reflecting their dedication to navigating the evolving cryptocurrency landscape.