Major Investment in TON Blockchain

Bitget, a cryptocurrency exchange, and Foresight Ventures, a Web3 investor, have announced a $30 million deal to increase their exposure to The Open Network (TON) blockchain. The investment was made directly with a number of TON whales, rather than through a fundraising round with the TON Foundation.

TON's Growing Ecosystem

TON has been one of the year's notable growth stories, thanks to its connection with Telegram's nearly 900 million users. DeFiLlama data shows that TON's total value locked exceeds $400 million, and Tether recently expanded to TON to boost peer-to-peer payments on Telegram.

Commitment to Long-Term Growth

The acquired TON tokens have a lock-up period and will be gradually released according to a vesting scheme, ensuring that all parties are committed to the TON ecosystem for the long term. The investment represents the 'biggest growth opportunity in the cryptocurrency market this year and in the next three-to-five years,' according to Foresight Ventures' co-founder and CEO.

Regulatory Landscape

While Telegram and TON aren't formally affiliated, the two share an ecosystem. CoinDesk, which is owned by the Bullish group, has strict editorial policies in place to protect journalistic independence, despite the group's interests in various blockchain and digital asset businesses.

Market Performance

Toncoin (TON) is currently trading at $5.51, up 5% in the last week according to CoinDesk Indicies data, indicating strong investor interest in the TON ecosystem.

Source: https://www.coindesk.com/markets/2024/09/18/bitget-foresight-ventures-buy-30m-ton-tokens-from-whales/

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