Bitget Wallet launches $20M grant for Telegram Mini Apps Development

Despite TON’s TVL dropping more than 50% since July, Bitget Wallet and Foresight Ventures have given another boost to Telegram’s Mini App ecosystem.

Bitget Wallet, a non-custodial cryptocurrency wallet by Bitget exchange, continues promoting crypto adoption on Telegram by launching a new funding initiative for Telegram Mini Apps.

Crypto investment firm Foresight Ventures and Bitget Wallet on Nov. 11 jointly launched a new $20 million support program for Telegram Mini Apps, according to an announcement shared with Cointelegraph.

The new funding program aims to support the development of new projects in Telegram’s Mini App ecosystem and create new opportunities for developers and projects.

TON’s TVL has dropped more than 50% since $776 million July peak

Telegram Mini Apps like Notcoin and Hamster Kombat fueled the massive growth of the Telegram-linked blockchain platform, The Open Network (TON), in 2024. However, the TON ecosystem has also faced a significant sell-off since August.

Since peaking at $776.6 million in July 2024, the total value locked in TON projects saw a sharp decline in late August amid Telegram CEO Pavel Durov’s arrest in France, dropping to as low as $311 million.