Bitget and Foresight Ventures have announced a strategic investment of $30 million in The Open Network (TON) blockchain, focusing on acquiring Toncoin (TON) tokens.

Forest Bai, CEO of Foresight Ventures, emphasized that the TON ecosystem presents significant growth opportunities in the cryptocurrency market over the next three to five years.

The TON blockchain has experienced remarkable growth this year, largely due to its integration with Telegram, which boasts a user base of nearly 950 million.

The increase in on-chain transactions and decentralized exchange volume on the TON blockchain is driven by popular projects like Hamster Kombat, Catizen, and DOGS.

Binance is also showing interest in the TON ecosystem, hinting at the upcoming release of a play-to-earn game called 'Moonbix' on Telegram's Mini App platform.

The investment aims to scale the development of play-to-earn games on Telegram, particularly focusing on titles like Hamster Kombat and Notcoin.

Despite its growth, the TON blockchain has faced challenges, including network congestion from the DOGS launch and a recent drop in Toncoin's price.

Currently, Toncoin (TON) is trading at $5.51, reflecting a 5% increase over the past week.

The investment will enable Bitget and Foresight Ventures to support developers through incubation, investment, and marketing efforts.

With this investment, both companies aim to deepen their involvement in TON's governance and future development initiatives.

Since the launch of Telegram Mini Apps in 2023, the TON blockchain's total value locked (TVL) has surged over 2,700%, reaching $403.5 million.

Telegram and TON operate independently but maintain a close collaboration, particularly in providing web3 startup solutions.