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Bitget Wallet, the non-custodial crypto wallet from the Bitget exchange, has rolled out a $20 million funding initiative to encourage innovation in the Telegram Mini App ecosystem. In partnership with crypto investment firm Foresight Ventures, Bitget Wallet announced the program on November 11, aimed at attracting developers to expand Telegram’s Mini App offerings and enhance user engagement within the platform’s crypto community.
Telegram Mini Apps, such as Notcoin and Hamster Kombat, gained significant popularity in 2024, fueling growth for The Open Network (TON), Telegram’s blockchain. Despite this traction, TON’s total value locked (TVL) has recently fallen by over 50% from its July peak of $776 million, mainly due to legal challenges faced by Telegram CEO Pavel Durov in France. Currently, TON’s TVL stands at around $356 million, underscoring the need for renewed interest and development within the ecosystem.
Bitget Wallet and Foresight Ventures hope this funding will reinvigorate developer interest and stimulate new activity on TON, ultimately enhancing Telegram’s position as a crypto-centric platform.
Through its OmniConnect development kit, Bitget Wallet will offer technical assistance to developers so they may produce and release captivating Mini Apps. Along with marketing and operational support, this kit contains the tools and instructions needed to create and launch Mini Apps. The large user base of Bitget Wallet will also help developers by giving their products more exposure and user acceptance. With further financial support from Foresight Ventures, Bitget Wallet is also looking at possible collaborations with top Telegram Mini Apps and listings on the Bitget market.
This initiative follows a previous $30 million investment by Bitget and Foresight Ventures in TON in September 2024, reaffirming their commitment to supporting the TON ecosystem. With this latest program, Bitget Wallet and Foresight Ventures aim to breathe new life into the TON network, driving both innovation and engagement in Telegram’s Mini App ecosystem.