OKX Ventures, which is the investment arm of the crypto exchange OKX, has made a significant announcement. It has put $5 million into TON Ventures, the venture capital fund that backs The Open Network (TON).
According to an X post by OKX, this funding will be used to develop applications that are native to Telegram and are built on TON’s blockchain infrastructure. The goal here is to create a network of experienced developers who can come up with the best ways to build TON applications.
TON Ventures and Its Plans
Key Markets and Goals
Ian Wittkopp, a managing partner at TON Ventures, talked in an interview with Cryptonews.com last month. He mentioned the new $40 million fund that TON Ventures co-manages with Inal Kardan. Wittkopp said that the CIS region and Asia are seen as crucial markets for funding. TON Ventures has the plan to bring Web 2 users into the world of blockchain gaming.
Projects It Has Backed
So far, TON Ventures has supported several projects. For example, it has backed platforms like DeLabs and Goat Gaming. It also gives support to creator economy infrastructure such as Memetics, which enables Telegram communities to build mini economies. Additionally, there are artificial intelligence (AI) apps like Grably that use TON and Telegram to gather data for AI models.
Praise for OKX Ventures
Wittkopp said, “The OKX Ventures team was one of the first supporters of the TON value proposition, which sits at the intersection of Telegram’s social graph and TON’s blockchain rails. They [OKX Ventures] have done an amazing job attracting and funding top-tier developers, pushing the TON ecosystem to new heights.”
Future Focus
The TON fund usually makes investments of up to $500,000 for early-stage projects. In the coming months, TON Ventures said it will concentrate on helping mid-core gaming experiences to emerge and on expanding the monetization tools that are available to creators.
OKX Ventures’ Other Initiatives
Earlier this year, OKX Ventures and Aptos Foundation started a $10 million accelerator fund for projects built on Aptos. The aim of this fund is to boost the widespread adoption of Web3 by giving support to the growth of infrastructure, social, gaming and DeFi-related projects.
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