The TON ecosystem has experienced rapid expansion recently, with web3 games like Hamster Kombat drawing in millions of users.
The rapidly expanding TON blockchain, originally launched by Telegram, is now gaining momentum with the introduction of its own venture capital fund. Ecosystem leaders have spun off an independent, for-profit entity from the network’s development foundation, marking a bold step forward.
TON Ventures officially announced its formation on Wednesday, led by Ian Wittkopp, former director of TON Accelerator, and Inal Kardan, former gaming lead at TON Foundation. The firm has already secured $40 million in funding and aims to back early-stage consumer applications within the TON ecosystem that promise “mass appeal,” according to the press release. The fund’s backers are primarily individual private investors committed to supporting the long-term growth of the ecosystem, the founders revealed in an email to CoinDesk.
The TON ecosystem has witnessed a surge in popularity, with web3 games like Hamster Kombat and Notcoin drawing millions of users. These applications are built on The Open Network (TON), a decentralized layer-1 blockchain initially developed by Telegram but now operating independently after Telegram’s 2020 settlement with the U.S. SEC.
Earlier this year, digital asset investment firm Pantera Capital made its largest-ever investment in TON and is reportedly raising capital for a second investment round. Additionally, crypto heavyweight Tether introduced its USDT stablecoin to TON in April, enhancing peer-to-peer payment capabilities among Telegram users.
TON’s native token, toncoin (TON), has surged 339% in the past year, pushing it into the top 10 largest cryptocurrencies with a $16 billion market cap.
“TON and Telegram have reshaped the landscape of web3,” said Ian Wittkopp, managing partner of TON Ventures. “With our extensive experience in the ecosystem, we’re confident that strategic capital allocation is the key to driving TON’s next phase of growth.”