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, eyeing a collaboration that will bolster Telegram-based projects.

Gate.io revealed the $10 million strategic investment in the $TON blockchain on Oct. 9. The news coincided with a slight dip in Toncoin ($TON) price as cryptocurrencies struggled for upward momentum.

According to Gate.io, the investment in $TON will also see the crypto exchange 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, including the recent explosion in tap-to-earn games with Hamster Kombat (HMSTR) and Catizen (CATI), continue to attract more users. Notcoin (NOT) is another project that benefited from its link to Telegram.

Gate.io to support $TON ecosystem

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

The exchange’s plans for the sector include centralized finance Telegram mini-apps. Also expected to go live is a Gate Wallet, which will launch within Telegram.

In addition to the $10 million investment, Gate Group will join the Hackers League hackathon, which offers up to $2 million in prizes and is attracting top $TON projects.

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

Currently, DeFiLlama data shows $TON’s TVL stands at $720 million, down from a high of $1.12 billion in July 2024. Part of surge in $TON TVL ealier in the year followed a spike in Telegram mini apps.