In a bold move to bolster the TON (The Open Network) ecosystem, Bitget, a leading cryptocurrency exchange and Web3 company, has announced two major initiatives: the launch of a $20 million TON Ecosystem Fund in partnership with Foresight Ventures, and the introduction of the industry's first MPC (Multi-Party Computation) Wallet Solution supporting the TON Mainnet.

Bitget and Foresight Ventures Launch $20M TON Fund 

The $20 million TON Ecosystem Fund, a joint effort between Bitget and Foresight Ventures, aims to accelerate the growth and development of projects within the TON ecosystem. This initiative comes at a crucial time, as TON has recently surpassed Ethereum in daily active addresses, signaling its growing importance in the blockchain space.

Over the past two months, the Total Value Locked (TVL) in the TON ecosystem has skyrocketed more than fivefold, reaching $600 million. This is largely due to the addition of new projects and assets like STON.fi, DeDust.io, and TON-USDT. Tether's official transparency page reveals that the authorized issuance of USDT on the TON blockchain has grown to about $580 million, making it the sixth-largest blockchain for USDT issuance after TRON, Ethereum, Solana, Avalanche, and Omni.

“Our $20 million fund is a testament to our commitment to supporting projects that will drive the mass adoption of cryptocurrency. We believe in the potential of TON and its ability to create a more equitable future. Our Telegram Signal Bot is just one example of how we are empowering the community and enhancing the user experience." - Gracy Chen, CEO of Bitget

First-of-Its-Kind MPC Wallet Launched for TON

Bitget Wallet has extended its MPC solution to encompass support for the TON and Solana mainnets, in addition to its existing coverage of Bitcoin and various EVM blockchains. 

Looking ahead, the Bitget Wallet team is focused on further amplifying its MPC wallet capabilities to include all heterogeneous chains, emphasizing the wallet's dedication to enhancing its overall product features and technology while maintaining a balance between security and user experience.

In response to the demand for user-friendly wallet solutions to drive mass adoption of cryptocurrencies within EVM heterogeneous chains like Solana and TON, Bitget Wallet has taken noteworthy steps. With substantial support from Telegram, which boasts nearly 1 billion active users, TON stands poised to facilitate the transition of Web2 users into the Web3 space. To meet these evolving needs and industry challenges, Bitget Wallet has introduced an innovative MPC wallet solution compatible with the TON mainnet — a pioneering move within the Web3 market.

Leveraging enterprise-grade MPC technology, Bitget Wallet's MPC solution empowers users to create and import wallets via email, Google, Apple ID, and other methods, eliminating the need for intricate authentication details like mnemonic phrases or private keys. Since its introduction in October last year, Bitget Wallet's MPC solution has redefined standards for user-friendly functionality and security, simplifying the onboarding process for Web2 users entering the cryptocurrency realm.

"Bitget Wallet is dedicated to building crucial infrastructure, introducing groundbreaking products, and driving the mass adoption of crypto." - Alvin Kan, COO of Bitget Wallet.

Moreover, Alvin highlighted the company's commitment to providing an unparalleled entry point into Web3 for Web2 users. He emphasized the introduction of TONNECT 2024 as a significant online event dedicated to the TON ecosystem and underscored the event's goal to introduce innovative methods for users to seamlessly interact with TON DApps and protocols, ultimately fostering integration between the Web2 and Web3 realms.