Vested Interest Disclosure: The author's an independent contributor, and while HackerNoon has reviewed the story for quality, the claims hereon belong to the author. #DYOR
TONcoin Fund launches $250M Ecosystem Fund with support from leading exchanges
The TONcoin Fund is the very first ecosystem fund dedicated specifically to assist founders developing on The Open Network. Huobi Incubator, Kucoin Ventures, MEXC Pioneer Fund, 3Commas Capital, Orbs, TON Miners, and Kilo Fund have created a collaborative initial pledge of up to $250M to endorse the fund. The TON Foundation will sponsor the ecosystem fund and designate initiatives with grants.
The Open Network is a decentralized layer-1 proof-of-stake blockchain that works with Telegram and was created with billions of customers in mind. It touts super-fast transactions, cheap costs, user-friendly apps, and is eco-friendly.
Benjamin Rameau, the Managing Partner of TONcoin Fund, said:
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.
The TON Foundation would track the ecosystem's growth and development. The Foundation's Incubation Partners programme recognises high-quality teams and assists in a decentralised way for the growth of the ecosystem. To facilitate the acceptance and growth of major apps, these Incubation Partners constitute ecosystem funds.
The TON blockchain will be used to fund startups and developers via the TONcoin Fund. Incubation, investments, grants, hackathons, and the provision of instructional resources for the community are all potential methods of achieving this goal. For this reason, the TONcoin Fund aspires to be a part of the TON blockchain's success thanks to its in-house experience in web3 design and venture capital investment.
In addition, portfolio companies will benefit from backing from the venture arms of some of the world's top crypto exchanges, increasing their user reach and connecting them with sector visionaries.
Don’t forget to like and share the story!