TONcoin Launches $250M Ecosystem Fund for the Open Network
- TONcoin Fund becomes the first ecosystem fund dedicated to supporting founders building on The Open Network.
- Several exchanges made a collective commitment of up to $250M for the fund.
- TON Foundation will provide grants to the ecosystem fund and selected projects.
TONcoin Fund officially becomes the first ecosystem fund fully dedicated to supporting founders building on The Open Network. Huobi Incubator, Kucoin Ventures, MEXC Pioneer Fund, 3Commas Capital, Orbs, TON Miners, and Kilo Fund have made a collective initial commitment of up to $250M to support the fund.
TON Foundation has stated that it will provide grants to the ecosystem fund and selected projects. The funds will be deployed as projects are accepted and incubated.
“The Open Network offers tremendous opportunities to achieve mass adoption of blockchain technology,” said Benjamin Rameau, Managing Partner of TONcoin Fund.
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.
The TON Foundation has stated that they have a roadmap for the ecosystem to grow and prosper. By recognizing teams as Incubation Partners, the Foundation seeks to provide support in a decentralized manner. In turn, these Incubation Partners are expected to come together to form ecosystem funds and accelerate the adoption and growth of key applications.
Justin Hyun, Head of Incubation at TON Foundation, says that the TONcoin Fund is the first ecosystem fund with Incubation Partners officially recognized by the TON Foundation. He also added that they 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,” said Justin.
TONcoin Fund will support entrepreneurs and developers building on the TON blockchain. This will be through incubation, investments, grants, hackathons, and offering educational materials to the community.
The Co-Founder of Public blockchain infrastructure Orbs, Tal Kol, stated that Orbs was super excited to take part in the TONcoin Fund. He remarked that 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.
Jewel Chen, Head of Huobi Incubator, remarked that the synergistic partnership between Huobi Incubator and TonCoin would help empower and mentor emerging Web3 projects, so all users of the Internet would benefit from the innovation put forward by up-and-coming developer talent.
TONcoin.fund is A $100M TON ecosystem fund. They invest in teams with the vision to build a new web3 on the TON protocol.
Read more: https://coinquora.com/toncoin-launches-250m-ecosystem-fund-for-the-open-network/
Text source: News – CoinQuora – Latest Cryptocurrency and Block
