The TONcoin Fund announced the creation of an ecosystem fund focused on TON-based initiatives on Monday, collecting an initial aggregate commitment of up to $250 million from significant industry players. The fund has been designated as the TON Foundation’s official incubation partner, which means that the fund’s portfolio investments will be supported.
Huobi Incubator, Kucoin Ventures, MEXC Pioneer Fund, 3Commas Capital, Orbs, TON Miners, and Kilo Fund were among the fund’s contributors. As initiatives are accepted and fostered, the fund intends to distribute monies through incubation, investment, grants, hackathons, and educational activities.
Benjamin Rameau, managing partner of the TONcoin Fund, indicated that the fund is “quite closely” working with the TON Foundation in order to assist the TON blockchain attain its full potential. The fund, according to Rameau, is specifically focused on Web3-related advancements and is now incubating a decentralised exchange and nonfungible token (NFT) initiative. “Wallets, NFT marketplaces, and decentralised finance are also on our radar,” he said.
“Thanks to the Telegram integration efforts by the community via in-app bots and native interface suggestions,” Rameau stated, “TON may become the first blockchain network accessible to millions of users.” Pavel Durov’s public endorsement of TONcoin in late 2021, which came after the release of TONcoin’s payment integrations with the Telegram messenger, was mentioned.
TONcoin would be an excellent fit for developing blockchain solutions
Rameau became interested in the TON blockchain and related applications while working on Gamee, a Telegram bot-enabled mobile gaming platform. He is also the founder of Jenny Metaverse DAO and a partner at the cryptocurrency trading platform 3Commas Capital. He believed that TON would be an excellent fit for developing blockchain solutions that “people genuinely want to use” and enabling the technology’s mainstream adoption.
Payments, play-to-earn games, profile images on chats directly linked to crypto wallets, and subscriptions to media are just a few examples of TON-enabled solutions. according to the executive:
“TON will identify people’s online identities and operate as a bridge between all their Web3 and Web2 activities, not simply the blockchain that people use on Telegram.”
Cameroon, the Democratic Republic of the Congo (DRC), and the Republic of the Congo all announced plans to use TON, a layer one proof-of-stake blockchain, to fuel future national economic advancement on the same day. The DRC may possibly introduce a new national stablecoin based on the TON blockchain, according to reports.
“TON has been working with each of the three countries separately for some time and has taken the lead in delivering bitcoin and blockchain solutions to each. These countries will adopt cryptocurrencies as a major component of their economic architecture in stages “Notes from the joint statement
After a long dispute with the US Securities and Exchange Commission over Telegram’s $1.7 billion initial coin offering in 2018, Telegram officially ended its engagement in TON in May 2020. Many more initiatives such as Free TON, NewTON, and TONcoin have sprung up as a result of the open-source blockchain effort.