Toncoin Fund seeks to bring DeFi, NFT and Metaverse projects to the TON blockchain.
Telegram abandons TON (Open Network) blockchain project in 2020 after SEC sues Telegram over $1.7 billion ICO
Kucoin Ventures and Huobi Incubator have joined other top crypto-focused investments to support Toncoin’s $250 million Ecosystem Fund.
Others donating to the fund are 3Commas Capital, MEXC Pioneer Fund, Orbs, Kilo Fund and TON Miners.
Toncoin is a blockchain and cryptocurrency project that grew out of the failed TON blockchain, and the development of the platform was spearheaded by Telegram.
But the messaging service stopped participating in TON in 2020. This comes after the Securities and Exchange Commission (SEC) sued it. The agency maintained Telegram’s $1.7 billion initial coin offering (ICO) involving the sale of unregistered securities.
TON (Open Network) loses case, Telegram chooses to refund US investors. However, the TON community continues to build on the blockchain, which now operates independently under the Ton Foundation.
TON Ecosystem Fund targets Web3 development
In an announcement Monday, the foundation plans to use the funds to boost developer activity through incubation and grants. The fund will also provide investments and use to launch hackathons to encourage further development.
The TON Foundation wants to use ecosystem funding to bring Web3 to the blockchain. According to details on the TON Protocol website, the project will include decentralized finance (DeFi), non-fungible tokens (NFT), Metaverse, and data and infrastructure services.
The integration with Telegram is another major development the foundation is focusing on. If that happens, it will effectively make cryptocurrencies easy to access to the 600 million users who currently make up the encrypted messaging app’s monthly user base.