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Bitget Wallet launches $20M grant for Telegram apps

Bitget Wallet launches $20M grant for Telegram apps

GrafaGrafa2024/11/11 14:37
By:Isaac Francis

Bitget Wallet, a non-custodial cryptocurrency wallet from Bitget exchange, has announced a $20 million funding initiative in partnership with Foresight Ventures to support the development of Telegram Mini Apps.

This move aims to create opportunities for developers and further stimulate growth within Telegram's Mini App ecosystem.

The Mini Apps ecosystem, with popular applications like Notcoin (CRYPTO:NOT) and Hamster Kombat, had propelled The Open Network (TON) to significant heights earlier in 2024.

However, the ecosystem has faced challenges, with its total value locked (TVL) dropping from a $776.6 million peak in July to $311 million following the arrest of Telegram CEO Pavel Durov in France.

Although there was a slight recovery to $356 million, the TVL has struggled to regain its earlier momentum.

To address these challenges, the new $20 million fund will offer investment, technical assistance, and marketing support.

Bitget Wallet plans to provide developers with access to its OmniConnect developer kit and leverage its extensive Telegram user base for community growth.

The initiative includes potential strategic partnerships with existing Mini Apps, investment backing from Foresight Ventures, and potential listings on Bitget.

This program follows Bitget and Foresight Ventures' prior $30 million investment in the TON blockchain in September 2024, which aimed to enhance their involvement in TON's governance and development.

The new funding emphasises the companies’ commitment to revitalising the ecosystem and fostering sustainable growth in Telegram’s Mini App platform.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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