Venture units of Huobi and KuCoin became among the sponsors of a $250 million fund created to finance projects in the Toncoin ecosystem. ForkLog confirmed this information with representatives of The Open Network.<\/p>\n
Alongside Huobi Incubator and KuCoin Ventures, funds for the fund were provided by MEXC Pioneer Fund, 3Commas Capital, Orbs, TON Miners and Kilo Fund.<\/p>\n
The Toncoin Fund will support developers who use the TON network with grants, investments, mentorship and other assistance.<\/p>\n
\n\u201cThe TON network is becoming accessible to millions of users thanks to the community’s efforts to integrate Telegram bots and personalize the interface. Toncoin Fund is prepared to support decentralized exchanges, stablecoins, NFTs and other TON-based dapps,\u201d said Benjamin Ramo, managing partner of the fund, in a ForkLog interview.<\/p>\n<\/blockquote>\n
In May 2020, Telegram founder Pavel Durov announced the closure of the Telegram Open Network (TON) project due to a legal dispute with the U.S. Securities and Exchange Commission and a ban on distributing Gram tokens.<\/p>\n
Subsequently, several independent teams continued to work on the blockchain based on the project’s code. They include Free TON<\/a> (renamed to Everscale<\/a>), a Chinese project by TON Community and NewTON. The latter launched the NewTON Blockchain testnet in May 2020.<\/p>\n