KuCoin pledges $20K grant to TON Foundation for ecosystem development

KuCoin Ventures, the task limb of Seychelles-registered crypto speech KuCoin, volition supply grants to The Open Network (TON) blockchain platform, including an archetypal $20,000, to enactment the maturation and enlargement of the TON ecosystem.

According to a Dec. 1 statement, the backing volition enactment TON ecosystem projects, including 5 payments oregon crippled concern (GameFi) platforms, probe and improvement efforts, community-building, selling activities and incubation initiatives, specified arsenic the TON Bootcamp.

Ian Wittkopp, accelerator caput astatine TON Foundation, said the grants from KuCoin assistance them successful continuing to enactment real-world blockchain solutions successful payments and gaming wrong its ecosystem. He said:

“Today’s concern with KuCoin Ventures is an acceleration constituent successful the momentum of mini-app improvement connected the The Open Network… KuCoin Ventures’ efforts align with TON’s imaginativeness of a much accessible and decentralized integer aboriginal for everyone.”

Alicia Kao, managing manager of KuCoin, attributed the determination to the company’s content successful TON’s imaginable successful the blockchain industry. She added:

“This strategical confederation aligns with our ngo of promoting further improvement of the crypto and blockchain manufacture done tighter cooperation.”

“We judge this signifies a caller synergy betwixt exchanges and the blockchain landscape, and we aspire that this associated effort volition service arsenic a motivating example, spurring further akin ventures,” she added.

A KuCoin spokesperson told Cointelegraph that the concern is successful its archetypal phase. They said:

“This concern is conscionable the beginning. We program to leverage this collaboration for deeper practice and communication… We are making each the indispensable preparations for this… collaboration.”

Besides supporting the enlargement of the TON ecosystem, KuCoin seeks to replicate its occurrence with different blockchain collaborations “to facilitate the modulation of cryptocurrency from a niche involvement to wide adoption.”

Per its website, KuCoin Ventures has invested successful the decentralized infrastructure POKT, nonfungible token (NFT) level OVO and decentralized concern (DeFi) lending protocol Sturdy, among others.

In March, KuCoin Ventures led a $10 cardinal investment successful stablecoin issuer and blockchain-based outgo work supplier CNHC. In a connection to Cointelegraph then, KuCoin main concern serviceman and KuCoin Ventures pb Justin Chou said that the concern successful CNHC is the archetypal clip the task limb invested successful a stablecoin-related project.

TON has besides been engaged precocious successful forging partnerships with different crypto players. On Oct. 4, the steadfast announced it raised an eight-figure concern from MEXC Ventures, a subsidiary of MEXC’s planetary cryptocurrency speech MEXC, to enactment the maturation of the platform.

The blockchain level besides welcomed Web3 concern steadfast Animoca Brands arsenic its largest validator successful November. Per the announcement, the Yat Sui-cofounded institution plans to present blockchain-based games to Telegram.