The TON ecosystem, which has seen explosive growth recently, is making headlines again. Known for popular web3 games like Hamster Kombat, TON is attracting millions of users. Originally started by messaging app Telegram, the blockchain is now getting its own venture capital fund.
Launch of TON Ventures
On Wednesday, TON Ventures announced its formation as an independent, for-profit entity spun out from the network’s development foundation. The new organization is led by Ian Wittkopp, former director of TON Accelerator, and Inal Kardan, who previously led gaming at TON Foundation.
With $40 million already raised, TON Ventures plans to invest in early-stage consumer applications within the TON ecosystem. The fund will focus on projects with broad appeal, aiming to support long-term growth. The founders mentioned that the fund’s investors are primarily private individuals committed to the ecosystem’s future.
Rapid Growth of the TON Ecosystem
The TON ecosystem has gained significant momentum, particularly with the rise of web3 games like Hamster Kombat and Notcoin. These games are built on The Open Network (TON), a decentralized layer-1 blockchain initially developed by Telegram. After regulatory concerns led Telegram to settle a lawsuit with the U.S. Securities and Exchange Commission (SEC) in 2020, the network continued as an independent operation.
Earlier this year, Pantera Capital, a digital asset investment firm, made its largest investment in TON’s history. Reports suggest that Pantera is raising funds for a second round of investments. Additionally, crypto giant Tether introduced its USDT stablecoin to TON in April, enhancing peer-to-peer payments among Telegram users.
TON’s Market Impact
TON’s native token, toncoin (TON), has seen a dramatic price increase, surging 339% over the past year. With a market capitalization of $16 billion, TON is now one of the top 10 largest cryptocurrencies.
Ian W., managing partner of TON Ventures, emphasized the significance of TON’s growth, stating, “TON and Telegram have created a paradigm shift for web3. With our deep experience in the ecosystem, we believe the highest leverage point is in capital allocation for TON.”
The launch of TON Ventures signals a new chapter in the expansion of the TON ecosystem, with promising opportunities for web3 applications and broader blockchain adoption.
