Bitget Wallet, the non-custodial crypto wallet under Bitget exchange, is taking bold steps to drive cryptocurrency adoption on Telegram. On November 11, Bitget Wallet, in collaboration with Foresight Ventures, launched a substantial $20 million grant program to support Telegram Mini Apps.

This initiative seeks to empower developers by funding innovative projects in Telegram’s Mini App ecosystem, creating new growth opportunities. The move comes amid challenging times for The Open Network (TON), the blockchain platform connected to Telegram, which saw its total value locked (TVL) plummet from $776.6 million in July 2024 to $311 million by late August. The decline was triggered by the arrest of Telegram CEO Pavel Durov in France and led to dwindling user engagement across popular Mini Apps like Notcoin and Hamster Kombat.

Despite minor TVL recoveries in September and October, the TON ecosystem still faces significant hurdles, with TVL hovering around $356 million. The newly launched $20 million fund aims to rejuvenate this struggling ecosystem by providing essential resources for Mini App developers. This includes technical support via Bitget Wallet’s OmniConnect developer kit and marketing access to its extensive Telegram user base. The initiative also opens doors for strategic partnerships and potential listings on Bitget.

This funding follows Bitget and Foresight Ventures' $30 million investment in the TON blockchain in September 2024, signaling their commitment to deeper involvement in its governance and development. By injecting fresh capital and support, Bitget Wallet and Foresight hope to restore momentum and drive long-term growth within Telegram’s Mini App landscape.