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

Cryptocurrency exchange Gate.io has announced a strategic investment in The Open Network blockchain, considering a collaboration that will support Telegram-based projects.

Gate.io announced a $10 million strategic investment in the TON blockchain on October 9. The news coincided with a slight decline in the price of Toncoin (TON), where cryptocurrencies are struggling for upward momentum.

According to Gate.io, the investment in TON will also enable the crypto exchange to 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 continue to attract more users, including the recent boom in win-win games with Hamster Kombat (HMSTR) and Catizen (CATI). Notcoin (NOT) is another project that benefits from its connection with Telegram.

Gate.io will support the TON ecosystem

Gate.io will use its investment to help bring new products that will support and accelerate innovation in TON-backed Telegram projects.

The stock exchange’s plans for the sector include central finance Telegram mini applications. Additionally, Gate Wallet, which will be released on Telegram, is also expected to be implemented.

In addition to the $10 million investment, Gate Group will also participate in the Hackers League hackathon, which offers prizes of up to $2 million and attracts top TON projects.

Developers and startups in a series of boot camps will focus on interoperability solutions, including bridges, cross-chain swaps and liquidity protocols. The goal is to connect different networks and, in the process, increase TON’s total value locked (TVL), transaction volumes and adoption.

Currently, DeFiLlama data shows TON’s TVL is at $720 million, down from a high of $1.12 billion in July 2024. Part of the increase in TON TVL ealier during the year came after a spike in Telegram mini-apps.