Former members of the TON Foundation have launched a $40 million venture fund to back early-stage crypto projects. This new fund aims to drive the next wave of innovation within The Open Network (TON) ecosystem.

The initiative represents a strategic boost for TON, an ecosystem that integrates blockchain technology with the Telegram platform. By supporting emerging ventures, the fund seeks to accelerate adoption and expand the utility of TON’s blockchain capabilities.

Ex-TON Foundation Members Launch Venture Capital Organization

TON Ventures focuses on consumer applications that leverage the power of Telegram’s social features and Telegram Mini Apps (TMAs). The fund will support budding projects, offering infrastructure requisite for creating sustainable applications capable of garnering mass adoption.

“Connecting TON builders to opportunity, we support ambitious founders who are building unique products that leverage the unique design space of TON and Telegram,” the fund’s website read.

In addition to financial backing, projects supported by this initiative will gain access to valuable resources. Beneficiaries will receive support from an experienced team, a global network, and hands-on guidance to boost their success. TON Ventures will also provide Telegram Ads and offer access to exclusive growth experiments within the ecosystem.

Read more: 6 Best Toncoin (TON) Wallets in 2024

The initiative is spearheaded by Ian W, former Director of TON Accelerator, and Inal K, former Gaming Lead at TON Foundation. Both are also recognized for their involvement in successful TON Web3 projects like Catizen, Gatto, and the perpetual exchange Tradoor.

This announcement comes during a period of explosive growth for TON ecosystem. Recently, it surpassed Ethereum in daily active users and saw a $1.069 billion increase in total assets between January and July. According to DefiLlama, TON’s total value locked (TVL) has surged by 4,226% in 2024.

TON Ecosystem Paves Way for Blockchain Development

Strategic listings and strong partnerships are key drivers of the network’s ongoing success. It has pioneered hundreds of features and grown to nearly one billion users. As the ecosystem turns 11, it continues to introduce new features, reinforcing its growth trajectory.

“With today’s update, we continue the tradition of giving back to our community. Meet Star Reactions and Star Subscriptions that let users support content creators, paid media for bots and Business accounts, and a new mode for Telegram Channels that lets admins post as their other channels or personal profiles,” Telegram CEO Pavel Durov shared.

TON also thrives on the back of tap-to-earn, a viral narrative that saw hundreds of millions of new users sign up for Web3 gaming space. Popular games linked to TON ecosystem include Notcoin, TapSwap, Hamster Kombat, and Catizen. Moreover, one of the ecosystem’s native meme coins, DOGS, is due to be listed on OKX and several other exchanges.  

Read more: Top 7 Telegram Tap-to-Earn Games to Play in 2024

These games offer engaging mechanics and real rewards, highlighting the potential of blockchain integration on the Telegram platform. With the new capital organization, TON Ventures could add to the list of bullish fundamentals for the ecosystem.