With the success that The Open Network has seen so far this year, TON Ventures has officially launched, with Telegram getting a $40 million investment for its crypto projects. Indeed, several senior builders from the network have created the new fund that will help develop the platform’s continued on-chain applications.
TON accelerator program former head Ian Wittkopp will lead the newly launched fund. Moreover, he will be joined by the former head of gaming at the TON Foundation, Inal Kardan. The project has a clear roadmap for aiding the development of several blockchain projects.
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TON Ventures Launches as Telegram Ecosystem is Set to Get a Major Boost
Telegram’s TON NEtwork has made waves this year. Indeed, that fact is clearly seen in the success of its Toncoin (TON). In the last seven days, the asset has increased more than 25%, according to CoinMarketCap. Those gains contribute to its more than 385% surge over last year, as it currently nears the $7 mark.
It could be set to surge even more. Indeed, TON Ventures has officially debuted, with Telegram getting a $40 million fund for its crypto ecosystem development. The venture will begin with a focus on projects with investments of $500,000 or less and in the early development stages, the heads told Decrypt.
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However, that’s just the start. The plan is to continue to raise the stakes. Indeed, the fund is planning to expand its support to “strategic” deals much larger in scale. Moreover, those will target projects that require guidance on integration into TON and Telegram.
The goal of the project is “mass appeal” of Telegram applications, the fund has said. It will help to increase the reach of the messaging app that has surged this year. Most recently, it has surpassed 950 million monthly users in a massive sign of its continued growth.