Bitget Wallet Launches $20M Fund to Boost Telegram Mini Apps Adoption

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Ruholamin Haqshanas

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Ruholamin Haqshanas

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Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

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November 11, 2024

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Bitget Wallet, the non-custodial cryptocurrency wallet powered by Bitget exchange, has announced a $20 million funding program in collaboration with crypto investment firm Foresight Ventures.

The initiative aims to boost Telegram’s Mini App ecosystem and create opportunities for developers to innovate, the company said in a Monday press release shared with Cryptonews.com.

Telegram Mini Apps, including popular platforms like Notcoin and Hamster Kombat, played a pivotal role in driving the growth of The Open Network (TON) blockchain in 2024.

TON Ecosystem Faces Challenges

However, the TON ecosystem has faced challenges in recent months.

Following the arrest of Telegram CEO Pavel Durov in August, TON’s total value locked (TVL) dropped sharply from its peak of $776.6 million in July to $311 million by late August.

While the TVL showed a modest recovery in September and October, it remains at $356 million, according to DefiLlama data.

Hamster Kombat, once a leading tap-to-earn game on Telegram, has seen a notable decline in user engagement since its trading debut in September.

This reflects broader struggles in the TON ecosystem, which Bitget Wallet and Foresight Ventures hope to address through this new funding program.

The $20 million initiative offers more than just financial support.

Bitget Wallet will provide technical assistance via its OmniConnect developer kit and operational backing, including marketing and access to its Telegram wallet user base for community-building efforts.

Strategic partnerships, potential listings on the Bitget exchange, and additional investment opportunities from Foresight Ventures are also part of the program.

This latest funding initiative follows Bitget and Foresight Ventures’ $30 million strategic investment in the TON blockchain in September.

“We believe Telegram provides the ideal platform for developers to reach new users and build impactful applications, and we are excited to see the next wave of innovation emerge from our partnership with prominent projects in this ecosystem,” Alvin Kan, COO of Bitget Wallet, said.

Bitget Launches More Ventures in TON Ecosystem

The $20 million fund isn’t the first venture by Bitget into the burgeoning TON ecosystem.

On June 25, Bitget Wallet launched a comprehensive support package for the TON network.

The initiative aims to connect decentralized applications within the TON ecosystem and further solidify Bitget’s presence in the rapidly expanding landscape.

In addition to the wallet launch, Bitget had previously introduced the Telegram Signal Bot to streamline direct trading signals across various trading communities, enhancing trading efficiency and convenience.

Earlier this year, Telegram launched a new digital payment feature dubbed “Telegram Stars,” allowing users to make in-app purchases.

The ‘Stars’ is compatible with both iOS and Android devices.

The move comes with the recent surge in Telegram’s mini apps with millions of users joining every day.

Furthermore, the TON Network has surpassed 1 billion total transactions in the wake of a high-profile memecoin airdrop, which also caused two major network outages.

As reported, the network’s transaction volume has now exceeded 1.04 billion, with half of these transactions occurring in the past three months alone.

TON’s continued growth is largely attributed to recent developments, including the introduction of the W5 smart wallet standard.

The smart wallet standard, launched in collaboration with Tonkeeper, promises to deliver gasless transactions on TON blockchain.