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Tonstarter Closes $1.5 Million Seed Round as Primary Fundraising Platform for The Open Network (TON)

March 9th, 2023 at 2:00 pm UTC · 3 min read

Tonstarter Closes $1.5 Million Seed Round as Primary Fundraising Platform for The Open Network (TON)

The TON Foundation, a non-profit association of developers and enthusiasts that exists to advance The Open Network (TON), has today announced that Tonstarter, the primary fundraising platform on TON, has closed a seed round of $1.5 million.

Tonstarter, which will support myriad projects on TON, a revolutionary technology to unite all blockchains and Web2 internet into one open network, has received seed funding from Kingsway Capital, an investment management firm, Gate.io, a cryptocurrency exchange, and DWF Labs, a subsidiary of Digital Wave Finance (DWF), one of the world’s fastest-growing high-frequency cryptocurrency trading entities.

Tonstarter is incubated by First Stage Labs, a TON ecosystem venture builder. Advisors of the platform include Tal Kol, TON Ambassador and founder of Orbs, an open, decentralized and public blockchain infrastructure executed by a secure network of permissionless validators using Proof-of-Stake (PoS) consensus, and Justin Hyun, Head of Incubation at TON Foundation.

The fundraising platform will support a variety of projects across the TON ecosystem, which was born to empower billions of Telegram users with genuine Web3. Sectors of focus include decentralized finance (DeFi), decentralized exchanges (DEXs), non-custodial wallets, lending and borrowing protocols, gaming and the metaverse.

Alex Plotvinov, Founder at Tonstarter, said:

“We are delighted to announce today the closure of a seed round of $1.5 million. As the main fundraising platform on TON, Tonstarter will nourish and support so many amazing projects in the TON ecosystem, offering expertise and a network while also connecting builders with relevant investors and advisors. We aim to make investments in blockchain projects that are transparent, streamlined and at scale.”

Projects incubated by Tonstarter will have access to the Telegram App, opening up the social network’s 700 million user base to a network originally introduced by the Telegram team. The prospect of Telgram’s user base having access to Web3 services such as non-custodial wallets and DEXs creates a huge potential for projects incubated by Tonstarter, according to Plotvinov. He added:

“Imagine, even if just 5 percent of Telegram users start making payments to other users or begin playing Web3 games. That’s already 35 million monthly active users, which is more than any other blockchain. This is why we aim to enable Tonstarter community members to connect to the Telegram bot.”

Furthermore, Tonstarter Launchpad, a platform for enabling projects to raise capital and build a community, has successfully conducted an Initial DEX Offering (IDO) and airdrops with 50,000-plus community members.

Megaton Finance, an AMM-based DEX on TON mainnet that provides various revenue generation opportunities such as swap and yield farming, along with a dashboard, used the platform to launch a community incentive program that already has 17,000 participants.

About The Open Network

The Open Network (TON) is a revolutionary technology to unite all blockchains and Web2 internet into one open network. It was born to empower billions of Telegram users with genuine Web3. Originally introduced by the Telegram team inheriting its freedom and openness ethos, it has been run as an open-source community project since 2020. TON’s layer-1 architecture is designed to scale up to 2 to the power of 32 workchains, each of which can be subdivided into up to 2 to the power of 60 shardchains. It can support millions of transactions per second near-instantly.

Telegram has helped people stay connected. TON will transform the communities into economies.

Tonstarter links: Website, Twitter, Telegram.

Contact

Joe Morgan, PR Lead

[email protected]

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