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TON Foundation Receives $20K Grant from KuCoin for Network Growth

The Open Network (TON) Foundation is a decentralized blockchain project that creates Web 3.0 ecosystem on Telegram. The project has a mission to reach 500 million users and create digital identity, data management, and asset development by 2028.

The project has recently received $20K in funding from KuCoin to support research, development, community-building, and marketing efforts. The funding is issued by KuCoin Ventures based out of Seychelles-based trading platform called KuCoin.

KuCoin Pledges $20K Grant for TON Network Growth

The $20K is reported as an initial installment for the development and growth of the TON network. In a statement, the crypto firm noted that this funding will assist the development of the TON network and various projects such as GameFi, R&D, advertisements, custodial services, and community-gathering etc.

Speaking on the matter, Ian Wittkopp head of TON Foundation noted that the grant will aid the blockchain firm to create real-world crypto payment solutions and gaming projects within the ecosystem.

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Alicia Kao is working as the managing director of KuCoin. She noted that the firm believes in the potential development of the TON network. She further stated that investment is a strategic phenomenon that promotes the development of DeFi and the blockchain sector by adding more cooperation.

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Development of Mini Apps on TON Network

Meanwhile, Wittkopp stated that the investment rounds will accelerate the development of mini apps on TON. The executive further noted that KuCoin will assist TON to make DeFi more accessible and decentralized place.

 At the same time, Kao stated that the business venture will serve as a motivation in the industry to operate similar projects. A spokesperson for KuCoin told the media that the venture is in the first phase of development and will continue to expand in the future.

At the same time, KuCoin officials claimed that working with TON is part of the plan to transform digital currency trading from a niche market to mainstream markets. KuCoin Ventures is also investing in another decentralized project such as POKT, OVO, and Sturdy.

KuCoin Invests $10 Million in Stablecoin and Blockchain Payment Services

KuCoin Ventures issued $10 million in funding to CNHC, a stablecoin and digital currency payment service. Former KuCoin CIO Justin Chou noted that CNHC is the first incident where KuCoin Ventures has invested in a stablecoin project.

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Meanwhile, TON is also networking and working with other cryptocurrency companies. The firm reportedly raised 8 figures funding from MEXC Ventures. The investment company is a subsidiary of MEXC global digital currency exchange. TON reported that the funding will go towards development and growth of the platform.

On the other hand, TON added Animoca Brands a Web 3.0 investment firm as one of its biggest validators in November. The Animoca Brands is co-founded by Yat Siu and is working on bringing blockchain gaming projects to Telegram users.


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Hassan Mehmood (Saudi Arabia)

Hassan is currently working as a news reporter for Tokenhell. He is a professional content writer with 2 years of experience. He has a degree in journalism.

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