Bitget Wallet, the non-custodial wallet developed by the Bitget exchange, has rolled out a $20 million funding program in partnership with Foresight Ventures. This investment aims to expand the adoption of Telegram Mini Apps, offering developers financial backing, technical support, and marketing resources to spur innovation. The company sees Telegram as an ideal platform for expanding app adoption, targeting users through widely-used Mini Apps like Notcoin and Hamster Kombat.
TON Ecosystem Struggles Amid Leadership Changes
The Open Network (TON) blockchain, integral to Telegram’s Mini App ecosystem, has faced recent challenges. Following the arrest of Telegram CEO Pavel Durov in August, TON’s total value locked (TVL) plummeted from $776.6 million in July to $311 million by late August, with only a modest recovery reaching $356 million in October, according to DefiLlama.
Additionally, popular Mini Apps such as Hamster Kombat have seen a decline in user engagement since launching in September, reflecting broader hurdles for TON. Bitget Wallet and Foresight Ventures are stepping in to address these issues, aiming to revitalize the ecosystem with the new $20 million fund.
Funding Program Details
Beyond capital, Bitget Wallet will provide developers with OmniConnect, a developer toolkit, and operational support, including marketing access to Bitget’s Telegram wallet community. The initiative also includes potential exchange listings on Bitget and further investment from Foresight Ventures.
The new fund builds on Bitget’s previous $30 million investment in the TON blockchain earlier this year. Bitget’s COO, Alvin Kan, expressed optimism, noting that this partnership is expected to fuel impactful applications on Telegram, potentially driving a new wave of innovation.
Expanding Bitget’s Role in the TON Network
This initiative follows Bitget Wallet’s earlier ventures within the TON ecosystem, including launching a support package for TON dApps in June. Bitget also introduced the Telegram Signal Bot, facilitating seamless trading signals across communities.
Telegram’s user base has been rapidly expanding, aided by new features such as “Telegram Stars” for in-app purchases on iOS and Android, and a surge in Mini Apps adoption. Recently, the TON Network achieved over 1 billion transactions, driven by a memecoin airdrop and network enhancements like the W5 smart wallet standard, promising gasless transactions on the TON blockchain. Bitget’s ongoing investments aim to further support TON’s infrastructure and growth potential.
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