TON Foundation chooses TONcoin Fund as its official ecosystem fund to target DEX and NFT tools

The company behind the Telegram-backed blockchain project, The Open Network (TON), The TON Foundation, has decided to choose the TONcoin fund as its official ecosystem fund. As per the announcement made on Monday, the TON Foundation is launching an ecosystem fund with a focus on TON-based project support. It would be aiming to secure an initial collective commitment of up to $50 million from major companies around the world.

TON Foundation opts TONcoin fund to be its incubation partner

The fund has been appointed the TON Foundation’s official incubation partner, which means it will help the organization with its portfolio investments.

Huobi Incubator, KuCoin Ventures, MEXC Pioneer Fund, 3Commas Capital, blockchain company Orbs, TON Miners, and Kilo Fund were among the fund’s contributors. As initiatives are accepted and fostered, the fund hopes to deploy resources through incubation, hackathons, investment, grants, and educational events.

TON Society has announced that a long list of prominent crypto investors, including Huobi Incubator, KuCoin Ventures, MEXC Pioneer Fund, 3Commas Capital, Orbs, TON Miners, and Kilo Fund, has invested $250 million in The Open Network for the first ecosystem fund.

— TON 💎 (@ton_blockchain) April 11, 2022

According to Benjamin Rameau, managing partner of the TONcoin Fund, the fund is working “very closely” with the TON Foundation in order to assist the TON blockchain to attain its full potential. According to Rameau, the fund is primarily focused on Web3-related advancements and is now developing a decentralized exchange and NFT Project.

“We are also eying opportunities with wallets, NFT marketplaces, and decentralized finance,” he continued.

Rameau also noted that 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.” 

In December, the Telegram partnered with Telegram verified payment Bot, Donate to accept TONcoin cryptocurrency.

Rameau became interested in the TON blockchain and associated 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 crypto trading platform 3Commas Capital. He believed that TON would be an excellent fit for developing blockchain solutions that “people actually want to use” and enabling the technology’s mainstream adoption.