TON Ventures, a new fund aimed at supporting the development of on-chain applications within The Open Network (TON), has officially launched with a significant investment of $40 million from Telegram. The success of The Open Network this year has paved the way for TON Ventures, which will be led by Ian Wittkopp, the former head of the TON accelerator program, and Inal Kardan, the former head of gaming at the TON Foundation.
The launch of TON Ventures comes at a time when Telegram’s TON Network is experiencing significant growth, as evidenced by the success of its native cryptocurrency, Toncoin (TON). In the last seven days alone, Toncoin has seen a 25% increase in value, contributing to a staggering 385% surge over the past year, with the cryptocurrency nearing the $7 mark.
With the $40 million investment from Telegram, TON Ventures will initially focus on supporting projects in the early development stages with investments of $500,000 or less. However, the fund has ambitious plans to expand its support to larger-scale projects that require guidance on integration into TON and Telegram. The ultimate goal of TON Ventures is to enhance the mass appeal of Telegram applications and increase the reach of the messaging app, which has recently surpassed 950 million monthly users.
The launch of TON Ventures marks a significant milestone for the Telegram ecosystem, as it signals a major boost for the development of crypto projects within the platform. The fund’s clear roadmap and experienced leadership team are poised to drive innovation and growth within The Open Network, further solidifying Telegram’s position in the crypto space.
Overall, the debut of TON Ventures is a testament to the continued success and expansion of the Telegram ecosystem, as it seeks to support and nurture the development of blockchain projects that will enhance the platform’s offerings and appeal to a wider audience.