December 1, 2023 at 17:51 GMTModified date: December 1, 2023 at 17:51 GMT
December 1, 2023 at 17:51 GMT

KuCoin to support growth of TON with $20K grant

The investment arm of Seychelles-registered crypto exchange KuCoin has decided to put money into The Open Network (TON) Foundation.

KuCoin to support growth of TON with $20K grant

The investment arm of Seychelles-registered crypto exchange KuCoin has decided to put money into The Open Network (TON) Foundation to support the growth of its ecosystem.

The $20,000 grant is a part of their strategic partnership and will be used to fund ongoing initiatives in the TON ecosystem. It will be allocated to five TON-based mini-apps, a KuCoin spokesperson said. The team is also in discussion with TON for more collaborations.

The funding will be primarily utilised for five payment and GameFi (Gaming Finance) platforms integral to TON. The grant will also bolster ongoing initiatives within the TON ecosystem, like the Future3 Campus and the TON Bootcamp.

Along with this, it also aims to fund innovative projects, research and development efforts, community-building activities, and marketing initiatives to raise awareness about the TON blockchain.

The Accelerator Head at TON Foundation, Ian Wittkopp, commented on the move saying: “Today’s partnership with KuCoin Ventures is an acceleration point in the momentum of mini-app development on The Open Network. With powerful programs like the 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. KuCoin Ventures’ efforts perfectly align with TON’s vision of a more accessible and decentralised digital future for everyone.”

A broader vision

KuCoin Ventures is known for investing in innovative blockchain projects. It supports crypto and Web3 builders both financially and strategically with deep insights and global resources.

The investment wing had previously funded ventures like the decentralised infrastructure POKT, NFT platform OVO, and DeFi lending protocol Sturdy. GameFi NFT card game Idle Stoneage also exists in its portfolio. 

In March, KuCoin Ventures made headlines for leading a $10 million investment in stablecoin issuer CNHC. This etched the venture arm’s first investment in a stablecoin-related project.

TON Foundation has also shown similar interests, establishing partnerships with key players in the crypto space. Back in October, the firm announced a significant investment from MEXC Ventures to support the platform’s growth. 

Last month, gaming and metaverse-focused venture capital firm Animoca Brands made an undisclosed investment in the TON ecosystem as well. In doing so, it became the largest validator on the TON blockchain. The partnership involves introducing blockchain-based games to Telegram, leveraging Animoca Brands’ expertise in the field.

Taking its reins in 2017, KuCoin is a global cryptocurrency exchange with a user-oriented platform offering over 700 digital assets. It also leads as one of the top 5 crypto exchanges, according to CoinMarketCap.  

The Open Network (TON), on the other hand, is a global, decentralised blockchain community “focused on putting crypto in every pocket”. Its aim is to empower 500 million users to own their digital identity, data, and assets by 2028 via building a Web3 ecosystem in Telegram Messenger.

The Managing Director of KuCoin, Alicia Kao, believes the TON blockchain has immense potential to revolutionise the blockchain industry. Talking about the tie-up with TON, she said: “This strategic alliance aligns with our mission of promoting further development of the crypto and blockchain industry through tighter cooperation. We believe this signifies a fresh synergy between exchanges and the blockchain landscape, and we aspire that this joint effort will serve as a motivating example, spurring further similar ventures.”