a previously canceled Blockchain with a project of TON created by reintroducing altcoin Toncoin, among them cryptocurrency It has raised $250 million in funds from numerous companies, including the venture arms of exchanges Huobi and Kucoin.
The funds raised are expected to be used to support projects in the Toncoin ecosystem.
Companies Like Huobi, Kucoin, and MEXC Invested in the Project
Companies contributing to the $250 million fund include Huobi Incubator and Kucoin Ventures, as well as MEXC Pioneer Fund, 3Commas Capital, Orbs, TON Miners, and Kilo Fund.
According to the TON Foundation’s statement, together with the funds raised, developers working on the Telegram Open Network (TON) Blockchain will be supported through incubation, investments and grants.
TON is known as a layer 1 Proof of Stake Blockchain compatible with messaging service Telegram. However, unlike the old version, the Toncoin project works completely independently of Telegram. However, Telegram’s CEO Pavel Durov announced in his statement last year that he approved the project in question.
Altcoin Planned to Integrate into Telegram
However, according to the plans, Toncoin will be integrated into Telegram, thus making 500 million monthly active users of the app available.
As it is known, Telegram had to close the TON project in August 2020. The US supervisory SEC’s claim that the company sold unregistered securities worth $1.7 billion in 2018 was instrumental in this decision.
Despite this, the TON community continued to develop on the Blockchain and the altcoin project was renamed Toncoin. With the latest development, Ton Foundation has launched the first ecosystem fund to support projects on Blockchain.
*Not investment advice.