The TON project team has created a $250 million venture fund to fund new projects focused on DeFi.
#TONcoinFund‘s $250M commitment will boost key projects, focusing on #DeFi.
Offering $50-250k per project plus mentorship via partners like #Gotbit, #web3port, #Tonstarter, #TEB, #CypherCapital. Excited to expand with more partners, drive #Web3 innovation, and attract global… pic.twitter.com/QHYvKHtT9S
— TON 💎 (@ton_blockchain) May 22, 2023
The initiative is called TON Accelerator. This year, the program will allocate $25 million to startups that “could have a significant impact on the emerging ecosystem” of the network.
According to the application, each project will receive funding from $50,000 to $250,000. questionnaire.
Each investment is accompanied by partnerships and mentoring from other companies affiliated with TON Accelerator, including:
- hedge fund and market maker Gotbit;
- developer of Web3Port tools;
- fundraising platform TonStarter;
- South Korean hub BoomLabs;
- venture fund Cypher Capital.
“The TON Accelerator program takes the well-known incubator principle from the Web 2.0 ecosystem, improves it and develops it using the best practices of Web3 protocols and methodologies. We are excited to play our part in this next generation program,” said Bill Qian, CEO of Cypher Capital.
In the first round, priority will be given to teams that participated in hackathons from TON and partners.
Recall that in December 2021, Pavel Durov publicly supported the Toncoin team. The project token reacted with a 46% increase.
In the fall of 2022, the sale of Telegram usernames for Toncoin started on the Fragment platform. Later, the messenger opened the possibility of registering anonymous accounts using blockchain-based numbers.
In February 2023, TON developers presented a roadmap for 12 months.
Later, the Orbs team created a smart contract for independent validation on the network.
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