With crypto investment company Foresight Ventures, Bitget Wallet announced a $20 million support program aimed at accelerating the growth of Telegram Mini Apps.
Opening new opportunities for developers and projects in the Web3 space, the funding program announced on November 11, 2024 aims to encourage new projects within Telegram’s ecosystem of more than 600 mini apps.
Just at WalletCon II
@alvin_kan Since @BitgetWallet Announces $20M Telegram Mini-App Support Program in Partnership with @ForesightVen
– Reown (@reown_) November 11, 2024
Notably, the latest funding initiative closely follows Bitget and Foresight Ventures’ $20 million strategic investment in the TON ecosystem, announced on June 25, 2024.
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Developers at Benefit from Support program
The program will include funding opportunities for projects, as well as technical support through Bitget’s OmniConnect SDK, designed to facilitate seamless integration with the Bitget wallet.
THE OmniConnect Development Kit provides mini-app developers with tools for seamless transactions, DApp interactions, and multi-chain functionality within the Telegram ecosystem.
Additionally, developers will have access to Bitget’s extensive operational and marketing resources, helping projects reach a wider audience within Telegram.
In contrast, a select few projects could form strategic partnerships with leading mini-apps on Telegram and potentially receive additional investment support from Foresight Ventures, the blog points out.
Key focus areas for the mini-app ecosystem
The main focus of the initiative would be primarily user onboarding and training, with the aim of simplifying the Web3 experience for newcomers.
By creating an intuitive and accessible journey, the initiative aims to make it easier for everyone to start using decentralized applications within Telegram.
Second, the program will focus on improving the financial and security infrastructure within the platform, including decentralized exchanges (DEX), NFT trading, and secure asset management features.
Finally, the program plans to expand the universe of mini-applications in key sectors such as games, social networks, 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 the Telegram ecosystem?
Claiming to be the most downloaded multi-chain Web3 wallet in the world, 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 more than 50% in just over a month.
With this latest investment, Bitget Wallet plans to strengthen Telegram’s mini-app ecosystem. This includes support for education and investment.
The wallet’s integration with the TON and Telegram ecosystem has enabled collaborations with more than 40 Telegram mini-app projects. A striking example is Towards the marketa Telegram mini-app on the TON blockchain. Additionally, Tomarket has attracted over 40 million users in less than three months.
Actually, Bitget Lite Wallet – a multi-chain wallet that allows users to securely purchase, manage and transfer cryptocurrencies within Telegram – has been growing rapidly. It reached 8 million users in two weeks.
Speaking to YouTube channel Synopsis Summit earlier, Bitget Wallet COO Alvin Kan said that there is usually an interruption in the flow when users leave their mini app on Telegram and try to access an app wallet on their phone. By integrating the mini-app into the wallet, the flow will potentially be much better, Kan claimed. “We’ve actually already started beta testing and the numbers are exploding, it’s pretty huge. We’re really excited about it”
Bitget and Foresight intend to “play a more active role in TON Blockchain governance and future development initiatives” following the investment.
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