Crypto exchange OKX has recently announced its investment of $5 million in The Open Network (TON) blockchain. This financial backing, executed by its investment arm, OKX Ventures, and managed by TON Ventures, is focused on accelerating growth within the TON ecosystem.
OKX Invests in TON Blockchain
An official press release noted that the investment complements its recently launched $10 million Telegram Growth Hub, demonstrating its long-term conviction in TON’s potential to drive mainstream adoption. The exchange believes that with direct access to Telegram’s 950 million monthly active users, TON has strong potential for massive growth.
The exchange further claimed the latest investment is a strategic move to establish a network of experienced builders and develop best practices for TON applications. Notably, The partnership between OKX Ventures and TON Ventures is expected to drive growth and innovation within the TON ecosystem and empower web3 entrepreneurs.
Meanwhile, TON Ventures, led by former TON Foundation executives, has secured $40 million in initial funding and typically deploys investments of up to $500,000 for early-stage projects. The fund claims to have already shown early success by backing projects like DeLabs, Goat Gaming, Memetics, and Grably.
TON Ventures focuses on backing early-stage consumer applications building on TON. In the coming months, the fund will focus on supporting mid-core gaming experiences, expanding monetization tools for creators, and growing the decentralized finance sector on TON.
TON Attracts Big Investors
TON has garnered significant attention and support from prominent investors, with Pantera Capital and crypto exchange Gate.io being notable examples. These investments have played a crucial role in driving the development and growth of the TON ecosystem.
On the other hand, the TON Blockchain has experienced rapid growth in 2024, driven by its strategic partnership with Telegram’s user base. This has significantly boosted on-chain activity, with key metrics showing impressive gains. Popular Telegram apps like Notcoin, Catizen, DOGS, and TADA have driven this growth, attracting millions of users.
According to data from the aggregator platform CoinMarketCap, the blockchain’s native crypto, Toncoin (TON), trades at $5.76 and has a $14.63 billion market capitalization. The coin experienced a 10.17% decline within the past 24 hours following a market correction that affected several digital assets, including Bitcoin.
