OKX Ventures Invests in TON Ventures to Promote Blockchain Adoption

OKX Ventures, the investment branch of OKX, has committed $5 million to TON Ventures. This fund is dedicated to boosting growth within The Open Network (TON) blockchain ecosystem.

OKX Ventures, the investment branch of OKX, has committed $5 million to TON Ventures, a fund dedicated to boosting growth within The Open Network (TON) blockchain ecosystem.

The move will see the creation of a strong network of skilled developers to set technical standards for TON projects, as part of a strategic direction in line with the $10 million Telegram Growth Hub launched by OKX Ventures with The Open Platform and Folius Ventures.

Founded by Ian Wittkopp and Inal Kardan, ex-managers of the TON Foundation, TON Ventures supports seed investments in various industries, including DeFi, gaming and applications for creators.

The fund has already backed several platforms, such as DeLabs and Goat Gaming, while also investing in Memetics, a tool for building mini-economies for Telegram communities, and Grably, an AI app that uses TON and Telegram to gather data.

“We at OKX have been interested in TON for the long term. This investment highlights the importance of developers who understand both technical backgrounds and user interfaces. Both this partnership and the Telegram Growth Hub show that we believe in TON as the vehicle to bring blockchain to the masses," said Jeff Ren, Partner at OKX Ventures.

"I would like to thank OKX Ventures for their early support. They were key in understanding the potential of linking Telegram's vast user base to TON's blockchain. In this regard, I appreciate OKX for being able to attract the best developers and advance the ecosystem. We welcome the enhanced cooperation and look forward to working together in the future," said Ian Wittkopp, Partner at TON Ventures.

TON Ventures has launched with $40 million in funding, and its founders have experience managing over $1 billion in investments.

Typically, the investment size may go up to $500,000, but it can be adjusted for a larger prospect.

The fund's plans will include mid-core gaming projects, the extension of the monetization instruments for the authors, and the enhancement of the decentralized finance on TON.

These steps are expected to lead the ecosystem to the adoption stage and improve its growth in the process.