Bitget and Foresight Ventures Acquire $30 Million in Toncoin

The cryptocurrency exchange Bitget and the fund Foresight Ventures have announced the acquisition of Toncoin (TON) worth $30 million from major holders, as reported by CoinDesk.

Investor representatives told the publication that the transaction was not structured as a traditional venture capital infusion.

The tokens were purchased directly from unnamed figures within The Open Network ecosystem. The TON Foundation, the organization developing the blockchain, did not participate in the deal.

The investments will be directed towards the development of the TON blockchain and other Telegram-based projects, including clicker games like Notcoin and Hamster Kombat.

“All acquired TON tokens have a lock-up period and will be gradually released according to a vesting schedule to ensure that all parties are committed to the long-term development of the TON ecosystem,” investor representatives stated.

Following the news, the price of Toncoin rose by 2.3%. The coin is currently trading at $5.55, according to CoinGecko.

Earlier, TON Foundation and Curve Finance announced the creation of a platform for stablecoin trading on the TON blockchain.