- OKX Ventures launches $10M Telegram Growth Hub.
- The fund focuses on onboarding, trading, and mini-apps.
- TON ecosystem is seeing rapid growth.
Since its integration with Telegram messenger, The Open Network (TON) ecosystem has been growing rapidly. Currently, the ecosystem reaches millions of users on Telegram’s platform. A recent investment by OKX Ventures and its partners promises to support its further expansion.
OKX Ventures, in collaboration with The Open Platform (TOP) and Folius Ventures, has set aside $10 million for TON startups.
OKX Ventures Backs TON Ecosystem with $10M
The TON ecosystem is getting a substantial boost. On Wednesday, October 30, OKX Ventures announced a significant investment in the TON ecosystem. In partnership with The Open Platform (TOP) and Folius Ventures, the venture arm of OKX exchange will launch a $10 million fund for TON startups.
The Telegram Growth Hub will focus on three main areas. The first will be tools that simplify onboarding, bringing more users to the Telegram and TON ecosystem. The second will focus on trading tools, including DEXs, NFTs, and liquid staking. Finally, the fund will support mini-app developers, enhancing TON’s appeal to users.
Applications for startups are open until November 29 of this year. The selected projects will join a two-month accelerator, receiving support from experts in mentorship and funding.
TON Sees Rapid Growth on Telegram Integration
The $10 million investment is significant for the TON ecosystem. TON currently has a $12.785 billion total market capitalization. However, its ecosystem’s total value locked (TVL) is $383.93 million. This means that the Telegram Growth Hub will significantly impact its growth.
In early 2024, Telegram integrated TON deeply into its ecosystem. The launch of mini-apps, simple applications that run on the Telegram messenger, has brought millions of users to TON. These mini-apps allow users to enter the TON ecosystems without setting up wallets or interacting with complex Web3 interfaces.
This ease of onboarding has seen TON’s ecosystem continuously expand. Despite a recent dip in TVL, TON is reaching more users than ever. In October, TON reached 100 million individual wallets on its network.
On the Flipside
- The increase in activity on TON has brought some issues for the network. In August, TON experienced two major outages in just two days.
- Memecoins also contributed to TON’s growth. In September, the network broke a new milestone as 17 million users claimed the DOGS memecoin airdrop.
Why This Matters
The Telegram Growth Hub will introduce a substantial amount of capital to the TON ecosystem, helping to further boost its growth.
Read more about some issues TON faces:
TON Hit by Second Major Outage in Two Days
Read more about Chinese propaganda in crypto:
Why Are Crypto Spam Bots Spreading Chinese Propaganda?
