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Bitget Wallet and Foresight Ventures have introduced a new $20 million funding initiative aimed at supporting the development of Telegram Mini Apps. Announced on November 11, this initiative is designed to provide both financial and strategic backing for emerging projects within Telegram’s Mini App ecosystem.
It builds on the success of apps like Notcoin and Hamster Kombat, which helped propel The Open Network (TON) blockchain to prominence earlier this year.
Despite its earlier growth, the TON blockchain has faced a turbulent period, with its total value locked (TVL) plummeting by more than 50% since its peak of $776 million in July 2024. This decline came in the wake of Telegram CEO Pavel Durov’s arrest in France, a development that sparked significant sell-offs and reduced user confidence in TON-linked projects. Although the TON ecosystem showed signs of slight recovery in September and October, the TVL remains markedly low, hovering around $356 million as of today.
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Building New Opportunities
The $20 million fund from Bitget Wallet and Foresight Ventures seeks to catalyze a revival for TON by encouraging new Mini App projects, providing the infrastructure and resources to developers eager to capitalize on Telegram’s vast user base. Bitget Wallet’s OmniConnect developer kit will be accessible to participants in the initiative, offering technical support that extends to marketing and community-building within Telegram.
Bitget Wallet has also emphasized that this initiative includes potential partnerships with high-profile Mini Apps and investment support from Foresight Ventures. To further strengthen these projects, successful Mini Apps may even be considered for listings on Bitget, providing them greater visibility and an opportunity to grow their user engagement.
Bitget and Foresight Ventures’ Commitment to TON’s Future
This funding initiative is part of Bitget and Foresight Ventures’ ongoing commitment to TON. Just two months prior, the firms announced a $30 million investment in the TON blockchain to increase their involvement in its governance and future direction. According to statements from both companies, this $20 million fund is another step toward making TON an ecosystem with staying power.
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As TON continues to navigate its current challenges, Bitget and Foresight’s investment represents an attempt to stabilize and grow Telegram’s blockchain ecosystem, fostering a more robust platform for developers and users alike.
