Bitget is setting up a $20 million funding program to entice the creation of more apps
Bitget Wallet, the non-custodial crypto wallet from Bitget exchange, is amplifying its support for Telegram-based applications with a new initiative focused on fostering development in the Telegram Mini App ecosystem. In collaboration with crypto investment firm Foresight Ventures, Bitget Wallet announced a $20 million funding program on November 11, aiming to attract more developers to create innovative Mini Apps on the platform. The move is designed to increase both user engagement and the range of available features within Telegram’s expanding crypto community.
Telegram Mini Apps, like Notcoin and Hamster Kombat, gained significant traction in 2024, contributing to the growth of The Open Network (TON), Telegram’s blockchain. However, TON has seen a notable decline in total value locked (TVL), which dropped by more than 50% since its peak of $776 million in July, largely due to a sell-off triggered by the legal issues faced by Telegram CEO Pavel Durov in France. Currently, TON’s TVL hovers around $356 million, indicating a need for renewed interest and investment.
To support developers, Bitget Wallet plans to offer comprehensive resources, including technical assistance via its OmniConnect developer kit, which will provide guidance on building and launching Mini Apps. This initiative also includes marketing and operational support, giving developers access to Bitget Wallet’s user base to help grow community interest. Furthermore, strategic partnerships with prominent Telegram Mini Apps and potential listings on the Bitget exchange are on the table, alongside investment backing from Foresight Ventures.
This latest $20 million program follows Bitget and Foresight Ventures’ previous $30 million investment in TON in September 2024, underscoring their commitment to TON’s ecosystem and governance. Through this funding, Bitget Wallet and Foresight Ventures are aiming to revitalize the TON community and drive innovation within Telegram’s Mini App offerings, making Telegram an even more robust hub for crypto activity.
