Gate.io Backs Web3’s ‘Ideal Platform’ TON With $10 Million Investment
The investment will be used to “enhance collaborations” with the TON Foundation and accelerate the growth of Telegram-based projects.
Decrypt Staff
By Decrypt Staff
Oct 28, 2024
3 min read
TON. Image: Shutterstock
TON. Image: Shutterstock

Crypto exchange Gate.io’s $10 million strategic investment in The Open Network (TON), announced earlier this month, will be used to “enhance collaborations” with the TON Foundation and accelerate the growth of Telegram-based projects, Gate.io Founder and CEO Dr. Lin Han said in a statement.

“The TON ecosystem holds strong potential due to its large Telegram user base and fast, low-cost blockchain technology,” Gate.io Founder and CEO Dr. Lin Han said in a statement shared with Decrypt. He added that TON is an “ideal platform for attracting Web3 applications and developers, with promising prospects for large-scale user growth and network effects.”