On September 18, 2024, cryptocurrency exchange Bitget and venture capital firm Foresight Ventures announced a strategic investment of $30 million in The Open Network (TON) blockchain ecosystem. These funds will be used to accelerate the spread of GameFi, Tap-to-Earn games, and other emerging blockchain technologies.
Main Information about the Investment
The partnership between Bitget and Foresight Ventures aims to strengthen their role in the governance and development of the TON ecosystem. Both companies plan to actively participate in shaping the project's future through the acquisition of TON tokens. The goal is to promote user transition to new technologies and ecosystems such as GameFi.
What is GameFi?
GameFi is a blend of 'game' and 'finance,' referring to a new type of blockchain-based game where players can earn money that can be used in real life. These games allow users to engage in decentralized finance (DeFi) activities within the gaming world, such as trading assets, staking, or earning rewards.
Impact and Future Perspectives
In its announcement, Bitget highlighted that the TON-based project has created a solid use case for the Telegram ecosystem. Thanks to integration with Telegram and a focus on functionality within the TON ecosystem, the blockchain is experiencing rapid growth. Bitget itself has also experienced swift expansion. By the third quarter of 2024, the number of global users had reached 45 million, nearly doubling from the previous year. Foresight Ventures co-founder Forest Bai emphasized that the expansion of the TON ecosystem represents the most significant growth opportunity for the crypto market in the next three to five years. Over 1,000 applications have already been developed within the ecosystem, and the total value locked (TVL) in virtual currencies operating on TON has increased eighteen-fold in just six months.
Bitget and Foresight Ventures' investment in the TON ecosystem aims to accelerate the development of GameFi and Tap-to-Earn games. This move underscores the growing importance and potential of blockchain technologies in the modern economy.
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