KuCoin Ventures announced its collaboration with the TON Foundation

KuCoin Ventures, a venture capital fund, and The Open Network (TON) platform have signed a strategic partnership to jointly develop applications in the field of gaming and payments. The fund plans to invest in the development of the TON ecosystem.

The decentralized blockchain platform The Open Network (TON) has attracted investments from the venture arm of the KuCoin crypto exchange, the KuCoin Ventures fund.

The partnership demonstrates commitment to the development of the TON ecosystem and opens a new stage of cooperation between exchanges and blockchain projects, the fund’s press release states.

According to representatives of KuCoin Ventures, the organization intends to provide a grant to support the growth and development of the TON ecosystem. It will be aimed at developing five TON-based applications with an eye on payments and the GameFi sector.

In addition, the received investment will be used to support innovative projects and various marketing initiatives aimed at increasing awareness of the blockchain.

“The partnership with Kucoin Ventures will be the starting point for the development of mini-applications on The Open Network. Thanks to the support of the fund, we stimulate the development of real blockchain solutions in the field of games and payments. KuCoin Ventures’ efforts are consistent with TON’s vision of a more accessible and decentralized digital future for everyone,” the organization noted.

KuCoin Managing Director Alicia Kao added that the collaboration with the TON Foundation is in line with the company's mission to promote and further develop the cryptocurrency industry through closer cooperation.

“We believe that the TON blockchain has enormous potential to revolutionize the blockchain industry, and we are ready to contribute to its success,” she said.

Please note that the exact amount of the grant that the TON organization will receive is not disclosed. We previously reported that the company had raised an "eight-figure" investment from venture capital arm MEXC Ventures. In July 2023, the founder of the Telegram project, Pavel Durov admitted that he was also investing in TON.

At the time of writing, TON coin is trading around $2.4, according to CoinGecko :

Let us remind you that at the end of October the developers set a world record for network speed. During 12 minutes of testing, it processed more than 42 million transactions.

In November, it became known that the TON team was going to integrate the Wallet wallet into Telegram. Note that the largest blockchain validator is the Hong Kong company Animoca Brands.