KuCoin Ventures Allocates $20,000 Grant to Foster TON Ecosystem Expansion

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Published: December 01, 2023 at 10:09 am Updated: December 01, 2023 at 10:09 am

Edited and fact-checked:
December 01, 2023 at 10:09 am

In Brief

KuCoin Ventures announced a $20,000 grant for TON to support its ecosystem’s five mini-applications, focused on payments and GameFi.

The investment arm of the cryptocurrency exchange KuCoin — KuCoin Ventures will provide a $20,000 grant to the decentralized network The Open Network (TON) for ongoing initiatives in the ecosystem. The funds will be allocated to five TON-based mini-applications focused on payments or GameFi.

The funding from KuCoin Ventures for TON will also support innovative projects, R&D efforts, community-building activities and marketing campaigns within the ecosystem. Ongoing initiatives like Future3 Campus and TON Bootcamp are among the beneficiaries.

“With powerful programs like Future3 Campus Bootcamp and this support from KuCoin Ventures, we’re fueling real-world blockchain solutions in payments and gaming within the TON ecosystem. TON Foundation is celebrating as industry-leading companies solidify their commitment to the next generation of mini-app developers on TON,” said Ian Wittkopp, Accelerator Head at TON Foundation.

KuCoin Ventures also expressed its commitment to paving the way for the future of collaboration between crypto exchanges and public chains.

TON Network Garners Multiple Investments

Earlier this week, Web3 investment firm Animoca Brands made a strategic investment in the system, becoming the network’s largest validator. According to the announcement, the company plans to bolster TON’s gaming projects, including TON Play, aiming to launch Web3-based games directly on Telegram.

TON also recently raised an investment from a subsidiary of MEXC’s global cryptocurrency exchange MEXC, MEXC Ventures. In conjunction with the funding, MEXC and the TON Foundation have entered into a strategic partnership aiming to promote global Web3 accessibility by lowering the barriers of entry.

With the new grant, Web3 advancements within the TON network gain further momentum, suggesting a shifting emphasis towards the integration of decentralized and user-centric technologies that lead to a more interconnected, transparent and community-driven digital landscape.

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About The Author

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and engagement with scientific writing.

Alisa Davidson