OKX Ventures Backs TON Ecosystem with $10M

Integration with Telegram Brings Rapid Growth to TON Ecosystem

The Open Network (TON) ecosystem has been expanding rapidly since its integration with Telegram messenger. Now, the ecosystem reaches millions of users on Telegram’s platform. And a recent investment by OKX Ventures and its partners promises to support its further expansion.

OKX Ventures, together with The Open Platform (TOP), and Folius Ventures will allocate $10 million to TON startups.

OKX Ventures Backs TON Ecosystem with $10M

The TON ecosystem is set to receive a major boost. On Wednesday, October 30, OKX Ventures announced a large investment in the TON ecosystem. The venture arm of the OKX exchange will launch a $10 million fund for TON startups, in partnership with The Open Platform (TOP), and Folius Ventures.

The Telegram Growth Hub will focus on three key areas. First, the fund will support tools that simplify onboarding, bringing more users into the Telegram and TON ecosystem. Second, the fund will concentrate on trading tools, covering DEXs, NFTs, and liquid staking. Finally, the fund will support mini-app developers, making TON more engaging for users.

Applications for startups are open until November 29 this year. The chosen projects will enter a two-month accelerator, receiving mentorship and funding from experts.

TON Sees Rapid Growth on Telegram Integration

The $10 million investment is substantial in the context of the TON ecosystem. TON currently has a total market capitalization of $12.785 billion. However, its ecosystem’s total value locked (TVL) is $383.93 million. This makes the Telegram Growth Hub a major addition to its growth.

Earlier in 2024, Telegram deeply integrated TON into its ecosystem. The launch of mini-apps, which are lightweight applications that run on the Telegram messenger, brought millions of users onto TON. These mini-apps allow users to interact with the TON ecosystem without setting up wallets or engaging with complex Web3 interfaces.

This ease of onboarding has led to rapid growth in the TON ecosystem. Despite a recent decline in TVL, TON is reaching more users than ever. In October, TON reached 100 million individual wallets on its network.