Gate.io Invests $10 Million in The Open Network to Accelerate Telegram-Based Project Development

Gate.io just announced a big move: a $10 million investment in The Open Network (TON) blockchain. This investment aims to boost collaboration with the TON Foundation and speed up the growth of Telegram-based projects.

With this funding, Gate.io plans to get more involved in the governance of the TON blockchain. They’re also looking to launch new products, like a CeFi-driven mini-app for Telegram and a Gate Wallet integrated within the platform. This will help expand the TON ecosystem even further.

Additionally, Gate Group is taking part in the TON Society’s Hackers League hackathon. This event is one of the largest of its kind this year. It features a prize pool of up to $2 million and includes key bounty tracks from leading TON projects. Participants can expect a groundbreaking experience. An offline bootcamp will take place in 19 cities around the world, encouraging global participation and innovation.

Projects on the TON platform offer a great opportunity for mass adoption within the Telegram ecosystem. This ecosystem has been growing significantly as it expands services to Web3 startups. Dr. Lin Han, the Founder and CEO of Gate.io, highlighted the potential of the TON ecosystem. He noted that its large user base on Telegram, along with fast and low-cost blockchain technology, makes it an ideal platform for attracting Web3 applications and developers. This opens the door for significant user growth and network effects.

While Telegram and TON operate separately, they work closely together. This partnership creates a unified environment that fosters innovation.