Gate.io has announced a $10 million strategic investment in The Open Network (TON) blockchain to strengthen Telegram-based projects. This investment, revealed on October 9, will also involve collaborating with the TON Foundation to accelerate the growth of blockchain and Web3 initiatives within the Telegram app.
The investment comes as TON-based projects, such as popular tap-to-earn games like Hamster Kombat and Catizen, continue to gain traction. Gate.io‘s support will focus on developing new products to drive innovation across the TON ecosystem, including centralized finance Telegram mini-apps and the launch of Gate Wallet within Telegram.
Gate Group will also participate in the Hackers League hackathon, which offers up to $2 million in prizes to developers working on solutions like cross-chain swaps and liquidity protocols.
The goal is to enhance TON’s interoperability and increase its total value locked (TVL), currently at $720 million, down from $1.12 billion in July 2024. The earlier surge in TVL was fueled by the rise of Telegram mini-apps.
Image Credit: Pixabay
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