The Open Network (TON), a platform that enables blockchain and cryptocurrency ecosystem on the Telegram messenger, is getting another boost with a new fund backed by the Bitget crypto exchange.

Bitget is launching a $20 million TON Ecosystem Fund in alliance with Singapore-based investment firm Foresight Ventures, according to an announcement shared with Cointelegraph on June 26.

The $20 million TON Ecosystem Fund aims to support early-stage projects on TON amid the rise of TON-based applications and the native cryptocurrency, Toncoin (TON).

The fund is designed to fully support project development within the TON ecosystem, including providing liquidity on the Bitget platform, the announcement notes.

The funding initiative aims to tap the turbulent growth of TON in 2024. According to Delphi Digital, The TON ecosystem’s growth is driven by Telegram’s monthly user base of 900 million, bringing more and more users to crypto daily.

By mid-June, the TON blockchain recorded more active addresses than Ethereum nearly every day for almost a month.

The total value locked (TVL) in the TON ecosystem has also increased more than fivefold over the past two months, reaching $600 million due to the influx of new projects and assets such as TON-based Tether (USDT), DeDust.io, Ston.fi and others.

“We are glad to see that the TON ecosystem is experiencing a positive feedback loop due to the growth in users, TVL, and token price,” Bitget CEO Gracy Chen said, adding:

“We believe in the potential of TON and its ability to create a more equitable future. Our Telegram Signal Bot is just one example of how we are empowering the community and enhancing the user experience.”

This is a developing story, and further information will be added as it becomes available.