Bitget exchange plans to drive organic adoption of crypto projects on Telegram. Bitget, the leading global crypto derivatives trading platform, has announced a new initiative focused on increasing cryptocurrency project adoption on Telegram through Bitget Wallet.
With the success of Telegram Mini Apps, Bitget Wallet has partnered with crypto investment firm Foresight Ventures to create a $20 million funding program dedicated to supporting any service built on Telegram. Announced on November 11, 2024, this project aims to encourage ongoing innovation and user engagement across the Telegram Mini App ecosystem.
Bitget Wallet & Foresight Ventures to Boost Telegram Mini Apps
This fund is available to developers building projects that broaden Telegram’s functionality in crypto, aiming to encourage new tools and experiences for Telegram’s 800 million+ users worldwide.
Mini Apps on Telegram, like Notcoin and Hamster Kombat, have already spurred growth on The Open Network (TON), a blockchain ecosystem associated with Telegram. However, despite TON’s achievements, it hasn’t been without challenges, especially after Telegram CEO Pavel Durov’s arrest in France earlier this year.
According to data from DefiLlama, TON projects took a hard hit in August as total value locked (TVL) dropped from a July peak of $776.6 million to just $311 million. This drop highlights the broader challenges facing the TON ecosystem, and Bitget Wallet and Foresight Ventures aim to address these issues with their new funding program.
Why is this Program Important?
This program is not just about funding, it’s designed by Bitget Wallet and Foresight Ventures to offer more. Developers supported by the program will have access to Bitget Wallet’s OmniConnect developer kit for smooth integration with Telegram and optimized Mini App development.
Additionally, Bitget Wallet will offer go-to-market and user engagement support, along with access to its Telegram wallet user base to help boost community involvement. Bitget Wallet is planning an incubator that provides technical resources, marketing support, and community access to help new projects thrive in the Mini Apps ecosystem.
The initiative also includes strategic partnerships, potential token listings on the Bitget exchange, and further investment opportunities from Foresight Ventures, offering promising project pathways for growth and visibility.
For instance, Hamster Kombat, a tap-to-earn game on Telegram, previously saw rapid user growth but experienced a drop in engagement after trading began in September. Apps like Hamster Kombat could benefit by reaching new audiences and receiving technical and operational support through this program.
The Contribution from Bitget Wallet
As non-custodial wallets and decentralized applications gain popularity among users who prioritize security and privacy, Bitget Wallet aims to be ahead of this trend with its support for Telegram Mini Apps.
By encouraging Telegram-based applications, Bitget Wallet hopes to promote decentralized adoption among users who prefer non-custodial solutions. This funding initiative aligns with Bitget Wallet’s mission of driving non-custodial crypto adoption and enhancing existing messaging tools like Telegram.
The $20 million fund could be instrumental in reviving the growth of the TON ecosystem. Building on the success of Telegram-based apps like Notcoin and Hamster Kombat, Bitget Wallet and Foresight Ventures hope to catalyze a new wave of apps that will reinvigorate user traffic and activity within the TON ecosystem.