- OKX Ventures' funding comes on prime of the just lately launched $10 million Telegram Progress Hub.
- The $5 million funding in TON Ventures targets the expansion of Telegram-based functions on the TON blockchain.
OKX Ventures, the funding arm of world crypto trade OKX, has invested $5 million in TON Ventures to assist the event of Telegram-based TON functions.
The OKX Ventures staff introduced the funding in devoted blockchain enterprise capital fund The Open Community on December 10. In response to the announcement, the funding can be used to speed up the developer ecosystem of the TON ecosystem.
“This funding, alongside our just lately launched Telegram Progress Hub, demonstrates our long-term perception in TON’s potential to drive widespread adoption of onchain applied sciences. We’re excited to work carefully with the founding staff at TON Ventures, whose deep ecosystem experience can be invaluable in scaling the subsequent technology of TON native functions,” famous Jeff Ren, Companion at OKX Ventures.
OKX Ventures unveiled the $10 million Telegram Progress Hub alongside The Open Platform and Folius Ventures. The objective is to carry blockchain functions and their advantages to Telegram's greater than 950 million month-to-month lively customers.
Contemplate a Web3 extension
TON has witnessed over the previous few months the explosive rise and traction of mini apps. In addition to Catizen and Notcoin, tasks equivalent to OKX Racer have obtained explicit consideration.
“The OKX Ventures staff was an early supporter of the TON worth proposition, which sits on the intersection of Telegram's social graph and TON's blockchain rails, to develop a vibrant ecosystem of client functions Web3 that may combine thousands and thousands of individuals,” mentioned TON Ventures companion Ian Wittkopp.
Thus far, TON Ventures has secured $40 million in funding, with plans for future growth together with gaming and monetization instruments.
