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New $250M TONcoin Fund targets DEX and NFT instruments on TON blockchain

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The TON Foundation, a corporation constructing on the Telegram-initiated blockchain mission, The Open Network (TON), has chosen the TONcoin Fund as its official ecosystem fund.

The TONcoin Fund introduced on Monday the launch of an ecosystem fund specializing in supporting TON-based initiatives, securing an preliminary collective dedication of as much as $250 million from main companies inside the business. The fund has earned the title of the TON Foundation’s official incubation companion, which means that they may assist the fund’s portfolio investments.

The fund’s contributors included companies like Huobi Incubator, Kucoin Ventures, MEXC Pioneer Fund, 3Commas Capital, the blockchain startup Orbs, TON Miners and Kilo Fund. The fund goals to deploy funds by means of incubation, funding, grants, hackathons in addition to instructional packages as initiatives are accepted and incubated.

TONcoin Fund managing companion Benjamin Rameau instructed Cointelegraph that the fund is working “very closely” with the TON Foundation, hoping to assist the TON blockchain attain its full potential. Rameau stated that the fund is concentrated explicitly on Web3-related developments and is now incubating a decentralized trade and nonfungible token (NFT) mission. “We are also eying opportunities with wallets, NFT marketplaces and decentralized finance,” he added.

“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,” Rameau famous. He referred to Pavel Durov’s public endorsement of TONcoin in late 2021, which adopted an announcement of TONcoin’s cost integrations with the Telegram messenger.

Rameau, who can also be the founding father of Jenny Metaverse DAO and companion on the cryptocurrency buying and selling platform 3Commas Capital, grew within the TON blockchain and associated functions whereas beginning with Gamee, a Telegram bot-enabled cellular gaming platform. He realized that TON can be an awesome match for creating blockchain options that “people actually want to use” and allow the mass adoption of the know-how.

The govt instructed Cointelegraph that TON-enabled options may embrace funds, play-to-earn video games, profile photos on chats straight linked to crypto wallets in addition to subscriptions to media, stating:

“TON will not just be the blockchain that people use on Telegram, it will define people’s online identity and will act as a bridge between all their Web3 and Web2 activities.”

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The newest announcement got here on the identical day with Cameroon, the Democratic Republic of the Congo (DRC) and the Republic of the Congo dislosing plans to undertake TON, the layer one proof-of-stake blockchain, because the cryptocurrency and blockchain to drive future nationwide financial progress. The DRC can also be reportedly contemplating launching a brand new nationwide stablecoin, constructed on high of the TON blockchain.

“TON has been participating with all three international locations independently for a while and has taken the result in ship cryptocurrency and blockchain options for every nation. These international locations will every undertake a phased transition to adopting cryptocurrency as a central pillar of their financial buildings,” the joint announcement notes.

Telegram formally shut down its involvement in TON in May 2020 after a prolonged battle with the United States Securities and Exchange Commission over Telegram’s $1.7 billion preliminary coin providing in 2018. The open-source blockchain mission has since given rise to many different initiatives corresponding to Free TON, NewTON in addition to TONcoin.