Along with crypto investment firm Foresight Ventures, Bitget Wallet announced a $20 million support program aimed at accelerating the growth of Telegram Mini Apps.
Opening up fresh opportunities for developers and projects in the Web3 space, the funding program announced on 11 November 2024, seeks to encourage new projects within Telegram’s 600+ Mini-App ecosystem.
Just in at WalletCon II
@alvin_kan from @BitgetWallet announces the $20M Telegram Mini-App Support Program in partnership with @ForesightVen
pic.twitter.com/Zc7RUbHLl0
— Reown (@reown_) November 11, 2024
Notably, the latest funding initiative follows closely on the heels of Bitget’s and Foresight Ventures $20 million strategic investment in the TON ecosystem, announced on 25 June 2024.
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Developers To Benefit From Support Program
The program will include funding opportunities for projects, along with technical support through Bitget’s OmniConnect Developer Kit, designed to facilitate smooth integration with the Bitget Wallet.
The OmniConnect Developer Kit provides mini-app developers with tools for seamless transactions, DApp interactions, and multi-chain functionality within the Telegram ecosystem.
Additionally, developers will gain access to Bitget’s extensive operational and marketing resources, helping projects reach a broader audience within Telegram.
Whereas, a few selected projects may form strategic partnerships with prominent mini-apps on Telegram and potentially receive additional investment backing from Foresight Ventures, the blog outlined.
Key Focus Areas For Mini-App Ecosystem
The primary focus of the initiative would essentially be on user onboarding and education, aiming to simplify the Web3 experience for newcomers.
By creating an intuitive and accessible journey, the initiative intends to make it easier for everyone to start using decentralized applications within Telegram.
Secondly, the program will emphasize on enhancing financial and security infrastructure within the platform, including decentralized exchanges (DEXs), NFT trading, and secure asset management features.
Lastly, the program plans to expand the mini-apps universe in key sectors like gaming, social networking, entertainment, and interactive experiences.
These key areas are expected to drive user adoption and create a secure, accessible, and engaging Web3 ecosystem on Telegram.
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Will Bitget’s Initiative Boost Telegram Ecosystem?
Claiming to be the the most downloaded multi-chain Web3 wallet worldwide, Bitget Wallet has apparently managed to amass over 40 million users.
However, after the recent arrest of its co-founder Pavel Durov, TON’s Total Value Locked (TVL) saw a sharp decline. It fell by over 50% in just over a month’s time.
With this latest investment, Bitget Wallet plans to ramp-up Telegram’s Mini App ecosystem. This includes educational and investment support.
The wallet’s integration with the TON and Telegram ecosystem has enabled collaborations with over 40 Telegram mini-app projects. One such prominent example is Tomarket, a Telegram mini-app on the TON blockchain. Moreover, Tomarket attracted over 40 million users in under three months.
Infact, Bitget Wallet Lite – a multi-chain wallet that allows users to securely buy, manage, and transfer cryptocurrencies within Telegram – has grown rapidly. It reached 8 million users within two weeks.
Speaking earlier to youtube channel, Synopsis Summit, Bitget Wallet’s COO, Alvin Kan said there is usually a break of flow when users leave their mini-app on telegram and try to go to a wallet app on their phone. By integrating the mini-app into the Wallet, the flow will potentially be much better, claimed Kan. “Infact, we have already started some beta testing and the numbers are basically blowing s off, its pretty huge. We are really excited about that”
Bitget and Foresight intend to “play a more active role in TON Blockchain’s governance and future development initiatives,” following the investment.
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