The TON Foundation, a Dubai, UAE-based non-profit association that advances The Open Network (TON), announced that Tonstarter, the primary fundraising platform on TON, has closed a seed round of $1.5M.
The round was led by Kingsway Capital, Gate.io, and DWF Labs.
The company intends to use the funds to support a variety of projects across the TON ecosystem.
Led by Alex Plotvinov, Founder, the fundraising platform will support a variety of projects across the TON ecosystem, which was born to empower billions of Telegram users with genuine Web3. Sectors of focus include decentralized finance (DeFi), decentralized exchanges (DEXs), non-custodial wallets, lending and borrowing protocols, gaming and the metaverse.
The Open Network (TON) provides technology that unites blockchains and Web2 internet into one open network. Originally introduced by the Telegram team inheriting its freedom and openness ethos, it has been run as an open-source community project since 2020. Its layer-1 architecture is designed to scale up to 2 to the power of 32 workchains, each of which can be subdivided into up to 2 to the power of 60 shardchains. It can support millions of transactions per second near-instantly.
Projects incubated by Tonstarter will have access to the Telegram App, opening up the social network’s 700 million user base to a network originally introduced by the Telegram team. Furthermore, Tonstarter Launchpad, a platform for enabling projects to raise capital and build a community, has conducted an Initial DEX Offering (IDO) and airdrops with 50,000-plus community members.
Tonstarter is incubated by First Stage Labs, a TON ecosystem venture builder. Advisors of the platform include Tal Kol, TON Ambassador and founder of Orbs, an open, decentralized and public blockchain infrastructure executed by a secure network of permissionless validators using Proof-of-Stake (PoS) consensus, and Justin Hyun, Head of Incubation at TON Foundation.
FinSMEs
10/03/2023