OKX Ventures invests $5 million in TON Ventures to support blockchain growth, enhance developer networks, and drive mass blockchain adoption.
OKX Ventures, the investment branch of OKX, has committed $5 million to TON Ventures. This fund is dedicated to boosting growth within The Open Network (TON) blockchain ecosystem. The move aims to build a strong network of skilled developers to set technical standards for TON projects. This is a strategic direction in line with the OKX Ventures $10 million Telegram Growth Hub launched with The Open Platform and Folius Ventures. The hub also aims at development and expertise.
TON Ventures was established by Ian Wittkopp and Inal Kardan, the ex-managers of the TON Foundation. The fund supports seed investments in various industries including DeFi, gaming, and applications for creators. It has already backed some platforms, such as DeLabs and Goat Gaming. On the same note, it has invested in Memetics, a tool for building mini-economies for Telegram communities, and Grably, an AI app that uses TON and Telegram to gather data.
OKX Ventures Invests in TON Ventures to Promote Blockchain Adoption
OKX Ventures’ partner Jeff Ren emphasized that the firm has been interested in TON for the long term. He pointed out that the investment underlines the importance of developers who know about technical backgrounds as well as user interfaces. Ren also mentioned that both this partnership and the Telegram Growth Hub prove that they believe in TON as the means to bring blockchain to the masses.
TON Ventures partner Ian Wittkopp also thanked OKX Ventures for its early support. He said that OKX Ventures was instrumental in understanding the potential of linking Telegram’s enormous user base to TON’s blockchain. In this regard, Wittkopp appreciated OKX for being able to attract the best developers and advance the ecosystem. He also welcomed the enhanced cooperation and the prospect of working together in the future.
TON Ventures has set out with $40 million of funding on the expertise of its founders. Normally the investment size may go up to $500000, but it can be adjusted for a larger prospect. The fund’s plans will be the mid-core gaming projects, the extension of the monetization instruments for the authors, and the enhancement of the decentralized finance on TON. These steps are believed to lead the ecosystem to the adoption stage and improve its growth in the process.
Overall, OKX Ventures’ investment and TON Ventures’ approach are aimed at the creation of a solid developer base. In addition, this approach will assist in the development of user-oriented applications and new commercialization strategies. Ultimately, it aims to shape the future of blockchain technology.
