TL;DR
- Former members of The Open Network launch TON Ventures, an inaugural $40 million fund to support blockchain projects.
- The fund, backed by private investors, will focus on startups developing applications based on the integration of The Open Network with Telegram.
- The ecosystem of The Open Network has grown exponentially, surpassing Ethereum in daily active users and reaching $1.14 billion in assets.
Ian Wittkopp and Inal Kardan, former members of the TON Foundation, have announced the launch of TON Ventures, a new venture capital firm with an inaugural fund of $40 million. The new company will focus on investing in startups that develop projects based on The Open Network’s blockchain, known for its integration with Telegram.
Wittkopp and Kardan, who previously held significant positions at the foundation, will use their experience to support various emerging companies operating within the TON ecosystem. The fundraising process was informal and concluded about a month ago. Although Wittkopp did not reveal the names of the investors, he mentioned that the fund is backed by private investors interested in the long-term growth of the network.
Ventures aims to foster the development of applications that leverage Telegram’s social features and Mini Apps. In addition to providing funding, the firm will offer strategic support and access to a global network to help selected projects achieve mass adoption and long-term sustainability. Telegram ads and exclusive growth experiments will also be used to boost the backed projects.
TON Grows and Surpasses Ethereum
The TON ecosystem has grown exponentially, surpassing Ethereum in terms of daily active users. In July, assets on the platform reached $1.14 billion, a remarkable increase from about $71 million at the beginning of the year. This expansion has been driven by the rise of games based on the TON blockchain, such as Notcoin, which has attracted millions of new users to the web3 gaming world.
It is important to note that there are some concerns along the way that need to be addressed promptly, such as the presence of bots in some games. The ecosystem of The Open Network continues to show strength and build a loyal and growing community. Wittkopp anticipates that the $40 million fund will be fully deployed within the next year, given the intense interest from leading developers and builders in the TON ecosystem.
