Gate.io invests $10 million in TON blockchain to revitalize Telegram-based projects
Alyssa Davidson
Posted: Oct 8, 2024 12:21 PM Updated: Oct 8, 2024 12:21 PM
Correction and fact check date: October 8, 2024, 12:21 p.m.
briefly
Gate.io announced an investment of $10 million in TON to strengthen its collaboration with the TON Foundation and support Telegram-based projects.
Cryptocurrency exchange Gate.io announced a $10 million strategic investment in The Open Network (TON) blockchain. This investment is aimed at strengthening cooperation with the TON Foundation and fostering the growth of Telegram-based projects.
With this investment, Gate.io aims to strengthen its participation in the governance of the TON blockchain and contribute to its continued development. The company also plans to launch new products to further support and expand the TON ecosystem, including a CeFi-based mini app for Telegram and Gate Wallet integrated within the platform.
Gate.io’s parent company, Gate Group, is also actively participating in the TON Society’s Hackers League hackathon, one of the largest hacking events of the year. With a total prize pool of up to $2 million and a major bounty track from the renowned TON project, the event is expected to offer a unique experience to participants. Offline bootcamps are held in 19 cities around the world to encourage global participation and innovation.
TON Ecosystem: The ideal platform for attracting Web3 applications and developers
Telegram is recognized as the best messaging application due to its adherence to several principles of cryptocurrency ethos and its extensive user community. The platform has over 900 million monthly active users and reports over 1 trillion monthly views across 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 strong use case for mass adoption through the Telegram ecosystem, which has seen significant growth as it expands its services to Web3 startups.
“The TON ecosystem has strong potential due to the large Telegram user base and fast and 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 massive user growth and network effects,” he added.
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About the author
As a dedicated journalist at MPost, Alisa specializes in the broad areas of cryptocurrencies, zero-knowledge proofs, investing, and Web3. With a keen eye for new trends and technologies, she provides comprehensive coverage to inform and engage readers about the ever-evolving digital financial landscape.
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Alyssa Davidson
As a dedicated journalist at MPost, Alisa specializes in the broad areas of cryptocurrencies, zero-knowledge proofs, investing, and Web3. With a keen eye for new trends and technologies, she provides comprehensive coverage to inform and engage readers about the ever-evolving digital financial landscape.
more articles