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TON Foundation Raises $90 Million for New Ecosystem Fund

TON Foundation managers have raised $90 million for a new ecosystem fund, continuing recent efforts to get the blockchain project founded by Telegram back up and running.

The purpose of the fund is to establish projects on TON and promote its users as a layer 1 blockchain through financial support and advisory services.

The new TON Alpha-Vista Fund (TAV) has VistaLabs, Alphanonce, Miner’s Fund and Kilo Fund among its backers, according to an announcement shared with CoinDesk.

The purpose of the fund is to establish new projects on TON and promote its users as a layer 1 or base, blockchain through consulting services and financial support.

TON is a proof-of-stake blockchain that was originally created by Telegram in 2013, but was shut down by the messaging app in August 2020 following regulatory action from the United States Securities and Exchange Commission (SEC) alleges that it made an unregistered securities sale.

The reincarnation project, also known as Toncoin – named after the blockchain’s native token – is the work of members of the original community who aspire to see it live. It claims to be completely separate from Telegram, although it has the endorsement of CEO Pavel Durov.

The curators of the project – known as the TON Foundation – have been busy in recent months trying to renew interest and stick with it.

In April, the fund raised $250 million for its first ecosystem fund with joint venture arms of crypto exchanges Huobi and Kucoin among investors.

Later that month, around $1 billion was raised through 176 different donations from users who wanted to see the ecosystem grow.

Soon after, toncoin was integrated into the @wallet bot on Telegram allowing users to send and receive TON within the app.