With the success that The Open Network has seen so far this year, TON Ventures has officially launched, with Telegram securing a $40 million investment for its crypto projects. What’s more, several senior builders from the network have launched the new fund that will help develop the platform’s ongoing on-chain applications.
TON accelerator program former head Ian Wittkopp will lead the newly launched fund. He will also be joined by the former head of gaming at the TON FoundationInal Kardan. The project has a clear roadmap for helping the development of various blockchain projects.
Also read: Toncoin (TON): The Telegram-Linked Crypto to Watch in 2024
TON Ventures launches as Telegram ecosystem gets a big boost
Telegram's TON NETwork has been making waves this year. That fact is indeed evident in the success of its Toncoin (TON). In the past seven days, the asset has risen by more than 25%, according to MintMarketCapThese gains contribute to the stock's year-over-year increase of over 385%, as it now trades close to $7.
It could go even higher. TON Ventures has officially launched, with Telegram getting a $40 million fund to develop its crypto ecosystem. The venture will start with a focus on projects with investments of $500,000 or less and in the early stages of development, the heads said Decipher.
Also read: Could This New Telegram Gaming Token Be The Next Notcoin?
But that’s just the beginning. The plan is to keep raising the stakes. The fund plans to expand its support to “strategic” deals that are much larger, and will focus on projects that need guidance on integrating into TON and Telegram.
The goal of the project is “mass appeal” of Telegram applications, the fund said. It will help expand the reach of the messaging app, which has grown dramatically this year. It recently 950 million monthly users as a clear sign of continued growth.