Bitget Wallet, a prominent non-custodial wallet from Bitget Exchange, has partnered with crypto investment firm Foresight Ventures to launch a $20 million fund aimed at boosting the growth and adoption of Telegram’s Mini App ecosystem. This initiative, launched on November 11, supports new projects on Telegram, providing both financial backing and access to technical and operational resources.
“We’re excited to fund and guide developers,” said a representative from Bitget Wallet, explaining that the program aims to expand the functionality of Telegram Mini Apps. Through the initiative, Bitget Wallet and Foresight Ventures seek to create a more dynamic environment for app innovation on Telegram.
Challenges for the TON Ecosystem
Telegram Mini Apps like Notcoin and Hamster Kombat have driven growth on The Open Network (TON), Telegram’s associated blockchain platform. However, since its peak in July 2024, TON’s total value locked (TVL) has fallen due to market challenges. Market interest dipped further in late August following news of Telegram CEO Pavel Durov’s arrest in France. Currently, TON’s TVL stands at about $356 million, according to analytics platform DefiLlama.
To counter these challenges, Bitget Wallet and Foresight Ventures aim to use the $20 million fund to revitalize the TON ecosystem and boost the adoption of Telegram Mini Apps by offering essential funding and guidance.
Comprehensive Support for Developers
This fund offers developers access to Bitget Wallet’s OmniConnect developer kit, which includes technical resources, guidance, and strategic support. Additionally, the program provides marketing support, allowing developers to engage Bitget Wallet’s large Telegram user base for community outreach. Developers may also benefit from partnerships with popular Telegram Mini Apps and gain investment support or strategic listings on Bitget’s platform.
The initiative is both an investment and an educational program, providing a holistic resource base for Telegram app creators.
Long-Term Commitment to TON
This $20 million fund comes on the heels of Bitget and Foresight Ventures’ $30 million investment in TON, which was announced in September 2024. This prior investment focused on strengthening TON’s governance and long-term development. Both companies have committed to playing an active role in TON’s growth and strategic direction.
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