Telegram to Receive $10M for TON Blockchain Effort

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1 year ago

The Open Network (TON) ecosystem secured a backer in the form of digital asset market maker, DWF Labs.

As part of its partnership with the TON Foundation, DWF Labs has announced a commitment to allocate $10 million to support the TON ecosystem.

A total of 50 seed investments are also scheduled over the next 12 months, and each is designed to accelerate the growth of TON and its projects.

  • Additionally, the focus will also be to ramp up the number of TON ecosystem participants by enhancing the TONcoin volume across supporting platforms. So far, TONcoin has a trading volume of nearly $20 million.

  • During the first three months of the partnership, DWF Labs intends to double the number for which a reliable OTC market will be developed to allow buyers and sellers to execute large transactions.

  • TON was developed by the founders of Telegram Messenger – Pavel Durov and Nikolai Durov, in 2018. It was initially launched be a proof-of-stake (PoS) blockchain platform with a native token. The aim was to generate payments on its chat app.

  • The Durov brothers also wanted to explore Web3 Internet with decentralized storage, anonymous network, DNS, and other decentralized services.

  • But the plans got derailed after the US Securities and Exchange Commission sued the company accusing it of securities law violation just weeks ahead of the scheduled launch.

  • After the halt, Telegram withdrew support from the TON blockchain, but it made its code open source, thereby handing the mantle over to the community.

  • The latest development comes seven months after the TON Foundation unveiled a new bot that allows crypto transactions via The Open Network’s token TON inside the Telegram app.

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