Former TON Foundation Executives Launch $40 Million Fund to Boost Telegram’s Crypto Ecosystem
Former senior members of the TON Foundation have announced the launch of TON Ventures, a new $40 million venture capital fund aimed at supporting early-stage crypto projects within the TON ecosystem. The fund, led by Ian Wittkopp and Inal Kardan, former director of TON Accelerator and gaming lead at TON Foundation respectively, marks a significant step in the evolution of The Open Network (TON) and its integration with the Telegram messaging platform.
TON Ventures will focus primarily on consumer applications that leverage Telegram’s social graph and Mini Apps framework, with an emphasis on projects that have mass appeal potential. The fund plans to invest in early-stage projects with an average check size of $500,000 or below, though it will also consider larger strategic investments in established protocols looking to enter the TON ecosystem.
This initiative comes at a time of explosive growth for TON, which has recently surpassed Ethereum in daily active users. The total assets in use on TON reached a peak of $1.14 billion in July 2024, up from $71 million at the beginning of the year. The ecosystem has seen particular success in the gaming sector, with titles like Notcoin attracting 35 million players in just three months.
Wittkopp, managing director of TON Ventures, stated, “TON and Telegram have created a paradigm shift for web3. With our deep experience in the ecosystem, we believe the highest leverage point is in capital allocation for TON.” He emphasized the unique opportunity to share insights and strategies for thriving in the space created by TON and Telegram.
Beyond financial support, TON Ventures will offer selected projects access to resources including Telegram Ads, media support, strategic partnerships, and exclusive growth experiments within the TON ecosystem. This comprehensive approach aims to accelerate the development of a diverse array of applications, from decentralized finance and gaming to marketing tools and regulated financial products.
The formation of TON Ventures reflects a broader trend of increasing integration between traditional messaging platforms and blockchain technology. With Telegram’s massive user base of nearly 900 million monthly active users, the potential for widespread adoption of crypto-based applications is significant.
However, the venture also faces challenges, including concerns about the presence of bots in some TON-based games. Wittkopp addressed this issue, stating that the TON Foundation is actively working on detecting bots and cleaning data, with current estimates suggesting bot activity averages no more than 20% across projects.
