Huobi and KuCoin venture arm units have become co-sponsors of a $250 million fund created to fund Toncoin token ecosystem projects.
Along with Huobi Incubator and Kucoin Ventures, MEXC Pioneer Fund, 3Commas Capital, Orbs, TON Miners and Kilo Fund also provided funds for the fund.
Toncoin Fund will support developers who use the TON network with grants, investments, consultations and other help.
“The TON network is becoming available to millions of users thanks to the efforts of the community to integrate bots into Telegram and personalize the interface. Toncoin Fund is ready to support decentralized exchanges, stablecoins, NFTs and other decentralized applications based on TON.”
In May 2020, the founder of Telegram Pavel Durov announced the closure of the Telegram Open Network (TON) project due to a legal conflict with the SEC and a ban on the distribution of Gram tokens.
After that, several independent teams continued to work on the blockchain based on the project code. Among them is Free TON (renamed Everscale), a Chinese project from the TON Community and NewTON.
