Gate.io invests $10m in TON to boost Telegram-based projects

Cryptocurrency exchange Gate.io has announced a strategic $10 million investment in The Open Network (TON) blockchain, aiming to enhance collaboration on Telegram-based projects. This announcement came on October 9, coinciding with a slight dip in the price of Toncoin as the broader crypto market struggled for momentum.

Gate.io plans to partner with the TON Foundation to foster the growth of blockchain and Web3 initiatives within the Telegram app. This move aligns with the recent surge in TON-based projects, particularly in the tap-to-earn gaming sector, featuring games like Hamster Kombat and Catizen, as well as the Notcoin project, which has capitalized on its Telegram connection.

Gate.io’s Support for the TON Ecosystem

The investment will be directed towards developing new products that promote innovation within TON-powered Telegram projects. Gate.io intends to introduce centralized finance mini-apps on Telegram, alongside the launch of a Gate Wallet integrated into the platform.

Additionally, Gate Group will participate in the Hackers League hackathon, offering up to $2 million in prizes to attract leading TON projects. The initiative aims to support developers and startups in creating interoperability solutions, including bridges, cross-chain swaps, and liquidity protocols, ultimately boosting TON’s total value locked (TVL), transaction volumes, and overall adoption.

Currently, TON’s TVL is reported at $720 million, a decrease from its peak of $1.12 billion in July 2024, which was driven in part by the rise of Telegram mini-apps.