Ex-TON Foundation members have raised $40 Million to back Telegram’s Crypto Ecosystem, with their venture fund named, ‘TON Ventures’.
On Wednesday, a group of senior developers led by Ian Wittkopp announced that The Open Network (TON) venture has raised $40 million to support the on-chain Telegram mini applications.
Wittkopp revealed that the TON will focus initially on early-stage projects with funds amounting to $500,000 or less.
Wittkopp also suggested that at a later stage, TON Ventures will support larger strategic collaborations with protocols intending to enter the TON and Telegram ecosystems.
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Ian stated, “TON and Telegram have created a paradigm shift for web3” .He added, “With our deep experience in the ecosystem, we believe the highest leverage point is in capital allocation for TON.”
At present, TON Ventures will support consumer-centric applications within Telegram that run on TON.
The TON ecosystem has grown immensely, thanks to Web3 games like Hamster Kombat and Notcoin that have attracted gamers as well as crypto degens alike.
Meanwhile, with a market capital of $17,662,555,566, TON ‘s native token, ‘Toncoin’ saw a jump of 10.77% in the last 24 hours and is currently trading at $7.01.
The consistent growth in Toncoin’s trajectory can also be attributed to the way it has been integrated as peer-to-peer-transaction means for the mini apps within Telegram, thus, helping to build its own inherent ecosystem. In fact, it is only a matter of time, when telegram becomes one of the leading ‘all-in-one app’ for browsing, shopping, paying , and playing.
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