In a move set to revolutionize cryptocurrency use on Telegram, Bitget Wallet has announced a substantial funding project for Mini Apps. The decentralized wallet service, operating under the Bitget exchange, has partnered with Foresight Ventures to launch a $20 million fund aimed at expanding the Telegram Mini Apps ecosystem.
The initiative, unveiled on November 11, seeks to nurture emerging projects and developers within Telegram's growing Mini App environment. This support comes at a critical time for the platform, which has seen both triumphs and challenges in recent months.
Comprehensive Support Package
The fund offers more than just financial backing. Developers can expect:
- Technical guidance, including access to Bitget's OmniConnect developer kit
- Operational and marketing support
- Potential strategic partnerships with Telegram Mini Apps
- Possible listings on Bitget exchange
- Investment opportunities from Foresight Ventures
The Rise of Telegram Mini Apps
2024 has been a landmark year for Telegram Mini Apps, with platforms like Notcoin and Hamster Kombat driving significant growth in The Open Network (TON) ecosystem. However, this expansion hasn't been without its hurdles.
TON experienced a rollercoaster ride in terms of total value locked (TVL). After reaching an impressive $776 million in July, the ecosystem faced a sharp decline. By late August, following legal complications involving Telegram CEO Pavel Durov in France, the TVL had plummeted to $311 million. Recent months have seen a modest recovery to $356 million.
Building on Previous Investments
This latest funding initiative builds upon a $30 million strategic investment made by Bitget and Foresight Ventures in September 2024. That investment demonstrated their commitment to shaping the future of TON Blockchain and participating in its governance.
As the cryptocurrency landscape continues to evolve, this $20 million fund represents a significant vote of confidence in the potential of Telegram Mini Apps. It promises to inject new life into the ecosystem, potentially attracting more developers and users to the platform.
The coming months will reveal how this substantial investment impacts the Telegram Mini App landscape and whether it can help stabilize and grow the TON ecosystem in the face of recent challenges.