Bitget Establishes Tight Links with TON

Bitget is once again showing eagerness to work within the TON ecosystem. Recently, Bitget Wallet launched “TONNECT 2024,” a major online event designed to accelerate the TON ecosystem’s growth and development and promote interaction with the blockchain via the wallet. The event launched on July 8 and will run until August 8. The crypto exchange provides educational materials, various AMAs, and contests, attracting users and developers with gas fee subsidies and a $1,000,000 prize pool. 

At the end of June, Bitget launched a $20 million TON Ecosystem Fund in alliance with the  Singapore-based investment firm Foresight Ventures to “support projects that will drive the mass adoption of cryptocurrency.” A couple of days later, the exchange and Foresight X accelerator invested in Tomarket, a decentralized trading platform that allows trading of RWA, pre-TGE assets, and more, targeting the market beyond DEX’s scope of services. The platform launch is scheduled for July. Tomarket will first be available to users as a Telegram mini-app, and it might apparently get a share of the above-mentioned fund.

At the end of May 2024, Bitget launched its Telegram Signal bot, which allows direct and streamlined sharing of trading signals within groups. This move shows the company understands Telegram is one of the top messaging platforms of its clients and is a place where they can easily find and onboard new users. 

"We are glad to see that the TON ecosystem is experiencing a positive feedback loop due to the growth in users, TVL, and token price. At Bitget, we are dedicated to fostering innovation within the TON ecosystem. We believe in the potential of TON and its ability to create a more equitable future,” - stated Gracy Chen, CEO of Bitget.

Clearly, Bitget sees the potential of all those onboarded by Telegram's popular mini-apps now eagerly looking for wallets to receive the ‘tapped’ incentives and airdrops. The fact that Bitget is included in the list of recommended wallets on the TON website and that its name often flashes next to Telegram gives it a strong competitive edge. 

Who is Bitget?

Proclaiming to be the leading wallet in the ecosystem, Bitget Wallet is one of 20 wallets supporting the TON blockchain. Previously known as BitKeep, it supports TON cross-chain transactions. Users mainly provide positive feedback despite rare reports of technical issues, but the overall lack of transparency still raises doubts among the most cautious.

Bitget, a centralized crypto exchange founded in 2018 and headquartered in Seychelles, handles $1.8 billion in daily trading volume and serves 25 million users worldwide. According to the company website, it is not regulated by any third-party entity, but it is licensed in Poland and Lithuania and now targets VASP registration in India. 

The company doesn’t directly disclose any personalities apart from its ambassador, Lionel Messi.  Gracy Chen, former TV host and the company’s managing director, was recently appointed as the new company CEO, replacing Sandra Lou, who left to “pursue her own business goals” and disappeared from radars. 

A local sources claims that the founder of the exchange is Henri Chen, an entrepreneur with vast financial, investment and engineering experience. According to the source, he used to play the main role during the development stage but later gradually faded away.

Henry Chen set high standards for employees, insisting on finance expertise rather than engineering. That’s why many company members are former employees of top investment banks such as RBS and JP Morgan. Henri Chen is credited with the following phrase:

"The currency circle is not a casino, and the exchange built by engineers will be a disaster".

Bitget's comprehensive strategy focused on the TON ecosystem, related trends, and initiatives confirms the industry’s generally positive sentiment towards the project. Apparently, the main players expect high adoption and, consequently, profit. The fact that the company with a strong TradFi background also sees great potential in the TON ecosystem is encouraging.