TONcoin Fund launches $250M Ecosystem Fund for The Open Network with support from leading exchanges
TONcoin Fund will become 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 will provide grants to the ecosystem fund and selected projects. The funds will be deployed as projects are accepted and incubated.
The Open Network is a fully decentralized layer-1 proof-of-stake blockchain compatible with Telegram that was designed to onboard billions of users. It boasts ultra-fast transactions, low fees, easy-to-use apps, and is environmentally friendly.
“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.” – Benjamin Rameau, Managing Partner of TONcoin Fund.
The TON Foundation has a roadmap for the ecosystem to grow and prosper. By recognizing quality teams as Incubation Partners, the Foundation seeks to provide support in a decentralized manner. In turn, these Incubation Partners come together to form ecosystem funds and accelerate the adoption and growth of key applications.
“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 them in an advisory capacity and more.” – Justin Hyun, Head of Incubation at TON Foundation.
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. Thanks to the support from the TON Foundation and the fund’s in-house expertise in web3 designing and venture capital investing, the TONcoin Fund hopes to contribute to elevating the TON blockchain to its full potential.
“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.” – Tal Kol, Orbs Co-Founder.
In addition, support from the venture arms of some of the world’s leading crypto exchanges will offer portfolio projects the opportunity to amplify the user reach for portfolio projects and allow them to connect with the industry’s visionaries.
“This synergistic partnership between Huobi Incubator and TonCoin will help empower and mentor emerging Web3 projects, so all users of the Internet will benefit from the innovation put forward by up-and-coming developer talent.” – Jewel Chen, Head of Huobi Incubator.