Gate.io Invests $10 Million in TON Blockchain to Boost Telegram Projects

Cryptocurrency exchange Gate.io has made a significant move by investing $10 million in The Open Network (TON) blockchain. This investment aims to accelerate the development of Telegram-based blockchain projects and foster innovation within the web3 ecosystem. The announcement came on October 9, marking a strategic shift for Gate.io as it seeks to collaborate more closely with the TON Foundation.

Despite a slight dip in the price of Toncoin, the investment reflects a long-term vision for the TON ecosystem, which has been gaining traction in recent months. Key projects like Hamster Kombat and Catizen, which integrate with Telegram, have seen growing user bases. Other projects, such as Notcoin, have also benefited from this link to the popular messaging app.

Gate.io’s Plans for the TON Ecosystem

Gate.io’s investment will support the creation of innovative products within the TON-powered Telegram projects. This includes the development of decentralized finance (DeFi) mini-apps within Telegram and the launch of the Gate Wallet directly within the app.

Furthermore, Gate.io is actively involved in nurturing the TON ecosystem through its participation in the Hackers League hackathon. This event, featuring up to $2 million in prizes, has already attracted top developers and startups. The focus is on creating solutions for interoperability, such as cross-chain swaps and liquidity protocols, that aim to enhance TON’s transaction volumes and overall adoption.