TLDR:
- TON Ventures has raised $40 million to invest in consumer apps built on TON and Telegram.
- The venture capital fund will focus on early stage applications in the TON ecosystem with mass appeal.
The article discusses the formation of TON Ventures, a venture capital fund that aims to invest in consumer applications within the TON ecosystem. The fund, led by Ian Wittkopp and Inal Kardan, has already raised $40 million from individual private investors who are interested in the growth of the TON ecosystem. This initiative comes as the TON ecosystem experiences a surge in popularity, particularly in web3 games such as Hamster Kombat and Notcoin, which have attracted millions of users.
TON, a layer-1 blockchain originally developed by Telegram, has seen significant growth despite regulatory concerns that led to its independence from Telegram in 2020. The network’s native token, toncoin (TON), has gained 339% in the past year, making it one of the top 10 largest cryptocurrencies with a market capitalization of $16 billion. TON Ventures believes that the highest leverage point in the ecosystem is in capital allocation for TON.
Overall, the article highlights the rapid growth and potential of the TON ecosystem, as well as the interest from investors in supporting consumer applications built on TON and Telegram.
