TONcoin Fund announces collective support of $250M

Huobi Incubator, KuCoin Ventures, MEXC Pioneer Fund, 3Commas Capital, Orbs, TON Miners, and Kilo Fund have committed up to $250M to support TONcoin Fund to become the first ecosystem fund fully dedicated to supporting founders building on The Open Network, Invezz learned from a press release.

TON Foundation will support the ecosystem fund and selected projects with grants. The funds will be deployed as projects are accepted and incubated.

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A fully decentralized, Telegram-compatible blockchain

The Open Network is a fully decentralized, Telegram-compatible, layer-1 proof-of-stake blockchain that has the capacity to onboard billions of users. It features low fees, ultra-fast transactions, a low c carbon footprint, and easy-to-use apps.  

Benjamin Rameau, Managing Partner of TONcoin Fund commented:

The Open Network offers tremendous opportunities to achieve mass adoption of blockchain technology. TON may become the first blockchain network accessible to millions of users thanks to the Telegram integration efforts by the community via in-app bots as well as native interface proposals. TONcoin Fund is very excited to support the first decentralized exchanges, stable coins, NFT projects and other dApps building on TON.

Providing decentralized support by recognizing quality

The TON Foundation seeks to provide support in a decentralized manner so the ecosystem can grow and prosper. Quality teams like Incubation Partners come together to form ecosystem funds and accelerate key app adoption and growth.

Justin Hyun, Head of Incubation at TON Foundation, commented:

TONcoin Fund is the first ecosystem fund with Incubation Partners officially recognized by the TON Foundation. We also offer a competitive application process for teams that can demonstrate the ability to foster innovation and accelerate adoption within the TON ecosystem. We are excited for the projects that will start and grow from the TONcoin Fund and intend to fully support in advisory capacity and more.

Support entrepreneurs and developers

TON will support developers and entrepreneurs through incubation, investments, grants, hackathons, and offering educational materials to the community. They hope to contribute to elevating the TON blockchain to its full potential with the fund’s in-house expertise in web3 designing and venture capital investing.

Tal Kol, Orbs Co-Founder added:

Orbs is super excited to take part in the TONcoin Fund. As a self-executed L3 network – Orbs is focused on providing a decentralized service infrastructure to applications running on other blockchains, such as The Open Network. Orbs is a great believer in TON and shares many architectural concepts like infinite sharding. We hope to make valuable contributions to this emerging ecosystem.