On May 22, 2023, The Open Network (TON), a layer-1 blockchain created by Telegram, discussed launching a $25 million fund for developing projects in its ecosystem, stated Cointelegraph.
As reported by Cointelegraph, the fund named “TON Accelerator Program,” will be partnered with and mentored by the staff of The Open Network and they will also donate about $50,000 and $250,000 per project.
“Funding forms part of our local hubs rollout strategy and our ecosystem will work to attract new developers as well as successful repeat founders, based across a variety of key global locations,” Justin Hyun, head of incubation and growth, TON Foundation, explained.
“TONcoinFund’s $250M commitment will boost key projects, focusing on DeFi. Offering $50-250k per project plus mentorship via partners like #Gotbit, #Web3Port, #Tonstarter, #TEB, CypherCapital. Excited to expand with more partners, drive #Web3 innovation, and attract global talent,” The Open Network tweeted.
Furthermore, “Proof-of-concept or prototype teams that require greater technical support should apply for earlier-stage grants,” TON’s developers told Cointelegraph.
(With insights from Cointelegraph)