The Open Network (TON), a layer-1 blockchain that was previously created by Telegram, has announced the launch of a new venture called "TON Accelerator Program".
The venture has a $25 million fund allocated for projects that will be building on the TON ecosystem. The program will provide investments ranging between $50,000 and $250,000 per project, and recipients will also receive partnerships and mentorships from TON's staff.
The initial pool of recipients for the funding will be geared towards projects that participated in a recent hackathon. The focus will be on incubating decentralized finance (DeFi) projects, and ventures must have a minimum viable product (MVP) ready.
The capital will be provided by TONcoin Fund.
In April last year, TON secured an initial $250 million commitment from multiple firms for its TONcoin Fund. The fund’s contributors included firms such as Huobi Incubator, KuCoin Ventures, MEXC Pioneer Fund, 3Commas Capital, blockchain startup Orbs.
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