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Cryptocurrency exchange Gate.io has announced a strategic investment in The Open Network blockchain, eyeing a collaboration that will bolster Telegram-based projects.
Gate.io <a href="https://www.globenewswire.com/en/news-release/2024/10/09/2960848/0/en/Gate-io-Announces-10-Million-Investment-in-TON-Blockchain-to-Boost-Telegram-Based-Projects.html" target="_blank" rel="noopener noreferrer nofollow">revealed</a> the $10 million strategic investment in the TON blockchain on Oct. 9. The news coincided with a slight dip in Toncoin (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/toncoin/">TON</a>) price as cryptocurrencies struggled for upward momentum.
According to Gate.io, the investment in TON will also see the crypto exchange collaborate with the TON Foundation to help advance the growth of blockchain and web3 projects within the Telegram app.
This comes as TON-based projects, including the recent explosion in tap-to-earn games with Hamster Kombat (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/hamster-kombat/">HMSTR</a>) and Catizen (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/catizen/">CATI</a>), continue to attract more users. Notcoin (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/notcoin/">NOT</a>) is another project that benefited from its link to Telegram.
You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/sui-network-to-launch-native-usdc-via-navi-protocol/"> Sui network to launch native USDC via NAVI protocol </a>
<h2 class="wp-block-heading" id="gate-io-to-support-ton-ecosystem">Gate.io to support TON ecosystem</h2>
Gate.io will use its investment to help bring new products that will support and accelerate innovation across TON-powered Telegram projects.
The exchange’s plans for the sector include centralized finance Telegram mini-apps. Also expected to go live is a Gate Wallet, which will launch within Telegram.
In addition to the $10 million investment, Gate Group will join the Hackers League hackathon, which offers up to $2 million in prizes and is attracting top TON projects.
Developers and startups at the series of bootcamps will focus on interoperability solutions, including bridges, cross-chain swaps, and liquidity protocols. The target is to connect different networks and, in the process, boost TON’s total value locked (TVL), transaction volumes, and adoption.
Currently, DeFiLlama data <a href="https://defillama.com/chain/TON" target="_blank" rel="noopener noreferrer nofollow">shows</a> TON’s TVL stands at $720 million, down from a high of $1.12 billion in July 2024. Part of surge in TON TVL ealier in the year followed a <a rel="noopener noreferrer nofollow" href="https://crypto.news/telegram-mini-apps-sling-ton-tvl-over-300m/">spike in Telegram mini apps</a>.
You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/redstone-debuts-first-price-oracles-for-ton-blockchain/"> RedStone debuts first price oracles for TON blockchain </a>

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

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