Gate.io allocates $10 million to the TON blockchain in order to support Telegram-based initiatives.
Gate.io announced a large $10 million strategic investment in The Open Network (TON) blockchain on October 8th. The objective of this investment is to fortify partnerships with the TON Foundation and accelerate the expansion of blockchain initiatives that are based on Telegram, which are gathering momentum in the Web3 sector.
The purpose of Gate.io’s $10 million investment is to accelerate the development of the TON blockchain and promote innovation. The funds will be allocated to the creation of new products and services that are intended to enhance the TON ecosystem.
This encompasses the integration of a Gate Wallet directly within the Telegram platform and a Telegram mini-app that is CeFi-driven. Gate.io aspires to broaden the TON blockchain’s utility for both developers and consumers by implementing these innovations.
Gate.io intends to participate in the governance of the TON blockchain in addition to providing financial support. Gate.io will contribute to the platform’s future development and evolution by working closely with the TON Foundation.
This collaboration pledges to promote the growth of TON-based decentralized applications (dApps) and spur long-term expansion.
The TON Society’s Hackers League, one of the largest hackathons of the year, is also the site of Gate Group’s participation. Expected to attract the most talented individuals from around the world, this event boasts a prize pool of up to $2 million.
This hackathon will foster innovation and widespread participation among developers worldwide, as 19 cities will host offline bootcamps.
All participants will enjoy a comprehensive experience, which will further enhance the TON ecosystem, thanks to the inclusion of key bounty segments from prominent TON initiatives.
The TON blockchain is a compelling candidate for mass adoption due to its affiliation with Telegram, which has a substantial and engaged user base.
Dr. Lin Han, CEO of Gate.io, underscored that TON’s blockchain technology is a top choice for developers who are interested in developing Web3 applications due to its rapidity and affordability.
It is anticipated that this strategic partnership will result in significant user growth and network effects, positioning TON as a significant player in the future of Web3.
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