TON Foundation Secured $1B in Donations from Users to Advance Ecosystem

UTC by Bhushan Akolkar · 3 min read
TON Foundation Secured $1B in Donations from Users to Advance Ecosystem
Photo: Depositphotos

The TON Foundation has secured a massive $1 billion in donations from users with some big investors contributing a majority on their part.

The TON Foundation emerged from the crypto project abandoned by the popular messaging app Telegram, said that it raised a total of $1 billion in donations from users to advance the growth of its ecosystem.

Donations to the TON Foundation

All the donations came from users who actively participated in the process. The TON Foundation received donations in its native cryptocurrency TONCoin (TON). These donations will come over the course of 10 days starting from April 7. The users have donated more than 527 million TON coins worth around $1 billion.

These funds came through a total of 176 separate donations with a majority of them coming from large holders. Of all the donations, 18 donors donated more than 10 million TONs each. However, 37 donors donated more than 4 million TON, said a TON foundation spokesperson speaking to CoinDesk.

The spokesperson further added that there are no direct incentives for donors. All the donations have come with a desire to benefit the TON ecosystem. “We think donors realize that TON’s success is helped by having a well-capitalized foundation to support the ecosystem,” the spokesperson said.

Expanding TON Ecosystem to Web 3.0 Developers

The TON Foundation has been attempting to push further the growth of the TON Ecosystem to potential Web 3.0 developers and builders.

The TON Foundation was formed by members who wanted to keep the project alive after Telegram decided to shut down after August 2020. The project shut down happened following a lawsuit by the US Securities and Exchange Commission (SEC). The reincarnation of the TON ecosystem has received a total of $250 million in investment for its first ecosystem fund. Although Toncoin has been independent of Telegram, Telegram founder Pavel Durov had himself endorsed this project in December 2021.

Andrew Rogozov, a founding member of the TON Foundation, said that Toncoin was on its way to becoming fully integrated into the Telegram messaging app. Earlier this month, TONCoin launched a $250 million fund with support from some of the leading exchanges such as Huobi and Kilo Fund. Benjamin Rameau, Managing Partner of TONcoin Fund said:

“The Open Network offers tremendous opportunities to achieve mass adoption of blockchain technology. TON may become the first blockchain network accessible to millions of users thanks to the Telegram integration efforts by the community via in-app bots as well as native interface proposals. TONcoin Fund is very excited to support the first decentralized exchanges, stable coins, NFT projects and other dApps building on TON.”

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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