Huobi and KuCoin VCs co-sponsored a $250 million fund set up to fund projects in the Toncoin token ecosystem. Reported by CoinDesk.

Along with Huobi Incubator and Kucoin Ventures, MEXC Pioneer Fund, 3Commas Capital, Orbs, TON Miners and Kilo Fund also provided funding for the fund.

The Toncoin Fund will support developers using the TON network with grants, investments, consultations and other assistance.

In May 2020, Telegram founder Pavel Durov announced that the Telegram Open Network (TON) project was shutting down due to a legal dispute. SEC and banning 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 TON Community and NewTON. Second, it launched the NewTON Blockchain testnet in May 2020.

In August 2021, the TON team transferred the ton.org domain name and GitHub repository to the project, which changed its name to The Open Network. He is behind the development of Toncoin.

In December 2021, Durov openly supported the developers.

The project is independent of Telegram, but plans to integrate Toncoin into the messenger.

“TON could be the first blockchain network accessible to millions of users thanks to community efforts to integrate Telegram through built-in bots and native interface suggestions. Toncoin Fund is happy to support the first decentralized exchanges, NFT projects and others based on TON. dapps“, – said Benjamin Rameau, managing partner of the fund.

Recall that in January 2022, the former head of the VKontakte social network Andrey Rogozov joined the project development team.