OKX Ventures has invested $5 million in TON Ventures to drive the development of the next generation Telegram native application.

By: blockbeats|2024/12/10 15:45:01

Source: OKX

On December 10, 2024, OKX Ventures, the investment arm of the world's leading cryptocurrency exchange and blockchain technology company OKX, announced a $5 million investment in TON Ventures. TON Ventures is a venture capital fund focused on accelerating the growth of The Open Network (TON) blockchain ecosystem. This investment aims to build a network of seasoned developers to drive best practices in TON application development.

This initiative complements the $10 million Telegram Growth Hub launched by OKX Ventures in partnership with The Open Platform and Folius Ventures, with a focus on enhancing technical expertise and development standards. Leveraging the direct reach of Telegram's 9.5 billion monthly active users, as well as successful mini-apps like Notcoin, OKX Racer, and Catizen, TON demonstrates strong potential for mass adoption.

TON Ventures, led by former TON Foundation executives Ian Wittkopp (Head of Acceleration Programs) and Inal Kardan (Head of Gaming), is dedicated to supporting early-stage consumer applications built on TON, with a focus on decentralized finance, gaming, creator economy, and infrastructure projects. The fund has already made significant strides in early investments, including supporting platforms like DeLabs and Goat Gaming, driving the development of creator economy infrastructure such as Memetics, and helping the Telegram community create a mini economy. In addition, TON Ventures has also invested in AI applications like Grably, which leverage TON and Telegram to access data and support AI models.

Jeff Ren, Partner at OKX Ventures, said: "As an early supporter of TON, our investment and partnership with TON Ventures further demonstrate our commitment to nurturing a community of skilled developers. The TON ecosystem requires developers who not only understand technical best practices but also deeply grasp the user experience needs of Telegram's native applications. This investment, along with our recent launch of the Telegram Growth Hub, reflects our long-term confidence in TON's potential to drive mainstream adoption of blockchain technology. We look forward to deepening our collaboration with the founding team of TON Ventures, whose expertise in the ecosystem will be a key driver in expanding the next generation of TON-native applications."

TON Ventures Partner Ian Wittkopp stated, "The OKX Ventures team has been one of the earliest supporters to recognize the core value of TON, which combines Telegram's social network with TON's blockchain technology, aiming to build a vibrant Web3 consumer app ecosystem that attracts millions of users. They have excelled in attracting top developers and providing funding support, driving the rapid growth of the TON ecosystem. We are excited to deepen our collaboration with the OKX Ventures team and look forward to years of close cooperation."

TON Ventures has successfully raised a $40 million seed fund led by founders Ian and Inal, leveraging their deep ecosystem expertise. The fund typically invests up to $500,000 in early-stage projects while remaining flexible to larger investment opportunities. Over the next few months, TON Ventures will focus on supporting core gaming experiences, expanding creator monetization tools, and advancing further growth in the TON decentralized finance space.

About OKX Ventures

OKX Ventures is the investment arm of OKX, a leading global cryptocurrency exchange and Web3 technology company, focused on discovering quality blockchain projects worldwide. OKX Ventures supports cutting-edge technological innovations, drives the healthy development of the blockchain industry, and invests in projects with long-term value. OKX Ventures is dedicated to supporting entrepreneurs in the blockchain industry, helping them build innovative businesses and providing global resources and rich experience to projects. For more information, visit the OKX Ventures website.

About TON Ventures

TON Ventures is a leading venture capital firm dedicated to advancing innovation in The Open Network (TON) ecosystem, supporting early-stage innovative startups built in the unique design space of TON and Telegram. TON Ventures offers financial investment, operational support, ecosystem expertise, and networking opportunities with top global industry partners for projects. By fostering close collaboration between investors and projects, TON Ventures is committed to accelerating the mass adoption of decentralized technology and empowering the next generation of Web3 entrepreneurs. For more information, visit here.

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