Telegram to Receive $10M for TON Blockchain Effort
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.
Disclaimer all images from unplash.com