Telegram-supported altcoin Toncoin (TON), one of the popular altcoins of recent times, announced that it has raised $40 million in funding.
Open Network Ventures (TON Ventures), a new venture capital (VC) firm, has officially launched a $40 million fund to support early-stage crypto projects in the TON ecosystem, Coindesk reported.
Founded by former senior members of the TON Foundation, new VC firm TON Ventures aims to connect investors with builders to drive growth and innovation at TON.
In the statement, the firm said it has launched a $40 million fund to invest in early-stage projects with “mass appeal” in the TON ecosystem.
It was stated that the investors participating in the $40 million fund mostly consist of individual, private investors who want to support the long-term growth of the TON ecosystem.
It was stated that TON Ventures will focus on consumer applications that use Telegram's social platform, and the following statements were made:
“The fund launched by TON Ventures will focus on exciting early-stage projects. We hope this will encourage builders in our ecosystem to experiment freely.
Additionally, selected projects will be provided with various benefits such as Telegram Ads, media support, and access to strategic partnerships.”
*This is not investment advice.