Gate.io Invests $10M In TON Blockchain To Boost Telegram-Based Projects
In Brief
Gate.io announced a $10 million investment in TON to strengthen collaboration with the TON Foundation and support Telegram-based projects.
Cryptocurrency exchange Gate.io announced a strategic investment of $10 million in The Open Network (TON) blockchain. This investment is intended to strengthen collaboration with the TON Foundation and promote the growth of projects based on Telegram.
Through this investment, Gate.io aims to enhance its involvement in the governance of the TON blockchain and contribute to its ongoing development. The company is also planning to launch new products, including a CeFi-driven mini-app for Telegram and a Gate Wallet integrated within the platform, to further support and expand the TON ecosystem.
Additionally, Gate Group, the parent company of Gate.io, is actively participating in the TON Society’s Hackers League hackathon, which is among the largest hacking events of the year. With a total prize pool of up to $2 million and featuring key bounty tracks from prominent TON projects, this event is expected to provide a unique experience for participants. An offline bootcamp will take place across 19 cities worldwide, encouraging global engagement and innovation.
The TON Ecosystem: An Ideal Platform For Attracting Web3 Applications And Developers
Telegram is recognized as a leading messaging application due to its adherence to many principles of the cryptocurrency ethos and its extensive user community. The platform has over 900 million monthly active users and reports more than 1 trillion monthly views across its channels. TON, a blockchain initiative developed by Telegram, seeks to leverage the platform’s user base to create a decentralized network that can support a wide range of applications.
TON-based projects present a compelling use case for mass adoption through the Telegram ecosystem, which has seen considerable growth as it expands its services to Web3 startups.
“The TON ecosystem holds strong potential due to its large Telegram user base and fast, low-cost blockchain technology,” said Dr. Lin Han, Founder and CEO of Gate.io, in a written statement. “This makes it an ideal platform for attracting Web3 applications and developers, with promising prospects for large-scale user growth and network effects,” he added.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
