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Bitget Wallet Fuels Telegram Mini Apps with Bold $20M Investment

Key Takeaways

  • Bitget Wallet and Foresight Ventures launch a $20M grant to drive Telegram Mini Apps' growth;
  • TON’s ecosystem faced setbacks since July, with TVL dropping sharply but now showing slight recovery;
  • The fund offers developers financial, technical, and marketing support to boost the TON ecosystem.
Bitget Wallet Fuels Telegram Mini Apps with Bold $20M Investment

Bitget Wallet, a decentralized wallet service under the Bitget $9.5B exchange, is taking steps to boost cryptocurrency use on Telegram through a funding project for Mini Apps.

On November 11, Bitget Wallet teamed up with Foresight Ventures to unveil a $20 million fund directed at expanding the ecosystem of Telegram Mini Apps. The goal is to support new developments within Telegram’s growing Mini App environment, providing a fertile ground for emerging projects and developers to grow.

This initiative will include technical guidance, featuring resources from Bitget’s OmniConnect developer kit, along with operational and marketing support. The support package also includes possibilities for strategic partnerships with Mini Apps on Telegram, potential listings on Bitget, and investment options from Foresight Ventures.

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Telegram Mini Apps have proven influential in 2024, especially with platforms like Notcoin and Hamster Kombat, which propelled The Open Network (TON) ecosystem's expansion. Despite this growth, TON TON $6.93 faced challenges, including a downturn in total value locked (TVL) following a period of quick expansion.

After reaching a peak TVL of $776 million in July, a drop occurred in late August with the legal issues involving Telegram CEO Pavel Durov in France. By late August, TON's TVL had dropped to $311 million, slightly recovering to $356 million in the following months.

This latest support follows a September 2024 announcement, where Bitget and Foresight Ventures disclosed a $30 million strategic investment in TON blockchain’s growth. Through this prior investment, Bitget and Foresight expressed a commitment to contributing to TON Blockchain’s governance and shaping its future direction.

In other news, MicroStrategy has made headlines by leading the way with its $20 billion investment in Bitcoin, achieving over a 100% ROI.

Aaron S. Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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