The TON Foundation, one of the initiatives building atop Telegram’s blockchain project titled “The Open Network” (TON), has selected the TONcoin Fund as its official ecosystem fund.
The Open Network (TON), previously called Telegram Open Network, is a layer-1 blockchain that relies on a proof-of-stake (PoS) consensus mechanism and was initially developed by the Telegram team.
It is highly compatible with the privacy-focused messaging app Telegram and offers ultra-fast transaction speeds, an intuitive interface, seamless integration with Telegram for easy user onboarding, and low fees.
Currently, the TON ecosystem is home to a diverse range of products and solutions, including wallets, exchanges, NFT marketplaces, utility dApps, bridges, mining solutions, blockchain explorers, decentralized channels, chatrooms, social networking dApps, gambling dApps, and much more.
The newly revealed TONcoin Fund features an initial collective fund of $250 million seeded by several noteworthy blockchain industry participants, including 3Commas Capital, Huobi Incubator, Kilo Fund, KuCoin Ventures, MEXC Pioneer Fund, Orbs, and TON Miners.
The TON Foundation has emphasized that this newly-launched ecosystem fund will distribute capital grants to support TON-based projects selected for incubation.
TONcoin Fund Managing Partner Benjamin Rameau notes, “The Open Network offers tremendous opportunities to achieve mass adoption of blockchain technology.
“TON may become the first blockchain network accessible to millions of users thanks to the Telegram integration efforts by the community via in-app bots as well as native interface proposals. TONcoin Fund is very excited to support the first decentralized exchanges, stable coins, NFT projects, and other dApps building on TON.”
The TON Foundation has also clarified that they have a well-defined roadmap to fully utilize the funds to support entrepreneurs and developers building on the TON blockchain.
To achieve this, the TON Foundation will cover all aspects, including incubation, investments, grants, and hackathons, while delivering educational materials to its community members. In addition, all incubated projects will be able to receive support and advice from the organizations and funds seeding the TONcoin fund, helping emerging projects amplify their reach.
According to Justin Hyun, TON Foundation’s Head of Incubation, “TONcoin Fund is the first ecosystem fund with Incubation Partners officially recognized by the TON Foundation. We also offer a competitive application process for teams that can demonstrate the ability to foster innovation and accelerate adoption within the TON ecosystem.
“We are excited for the projects that will start and grow from the TONcoin Fund and intend to fully support in advisory capacity and more.”
The Takeaway
By selecting high-performing teams as Incubation Partners, the TON Foundation aims to provide financial, technical, and operational support in a decentralized manner.
In turn, Incubation Partners will work together to support the TONcoin Fund to accelerate the growth and adoption of solutions built upon the TON blockchain.
Discover new investment ideas with data you can trust.
Read full Disclaimer & Disclosure
