Cameroon, the Democratic Republic of the Congo, and the Republic of the Congo announced plans to use the TON blockchain in conjunction with the creation of the TONcoin Fund.
The TON Foundation, which is based on the Telegram-initiated blockchain project The Open Network (TON), has selected the TONcoin Fund as its official ecosystem fund.
The TONcoin Fund announced the creation of an ecosystem fund focused on promoting TON-based projects on Monday, collecting an initial aggregate commitment of up to $250 million from leading industry firms. The fund has been designated as the TON Foundation’s official incubation partner, which means that it will assist the fund’s portfolio investments.
Huobi Incubator, KuCoin Ventures, MEXC Pioneer Fund, 3Commas Capital, blockchain company Orbs, TON Miners, and Kilo Fund were among the fund’s contributors. As initiatives are accepted and fostered, the fund intends to deploy monies through incubation, investment, grants, hackathons, and educational programs.
According to TONcoin Fund managing partner Benjamin Rameau, the fund is working “extremely closely” with the TON Foundation in order to assist the TON blockchain attain its full potential. According to Rameau, the fund is explicitly focused on Web3-related advancements and is now incubating a decentralized exchange and nonfungible token (NFT) initiative. “We’re also looking at wallets, NFT marketplaces, and decentralized finance,” he continued.
“TON may become the first blockchain network available to millions of people as a result of the community’s Telegram integration efforts via in-app bots,” Rameau stated. He was referring to Pavel Durov’s public endorsement of TON in late 2021, which came after the launch of TON’s payment interfaces with the Telegram messenger.
Rameau, who also founded Jenny Metaverse DAO and is a partner at cryptocurrency trading firm 3Commas Capital, became fascinated in the TON blockchain and associated applications while working on Gamee, a Telegram bot-enabled mobile gaming platform. He believed that TON would be an excellent fit for developing blockchain solutions that “people genuinely want to use” and enabling the technology’s widespread adoption.
According to the CEO, TON-enabled solutions might include payments, play-to-earn games, profile images on chats directly linked to crypto wallets, and media subscriptions, stating:
“TON will not just be the blockchain that people use on Telegram — it will define people’s online identity and will act as a bridge between all their Web3 and Web2 activities.”
The latest statement came on the same day that Cameroon, the Democratic Republic of the Congo (DRC), and the Republic of the Congo announced plans to use TON, the layer-1 proof-of-stake blockchain, to fuel future national economic success. According to reports, the DRC is also considering introducing a new national stablecoin based on the TON blockchain.
“TON has been engaging with all three countries independently for some time and has taken the lead to deliver cryptocurrency and blockchain solutions for each nation,” according to the joint announcement. “These countries will each undertake a phased transition to adopting cryptocurrency as a central pillar of their economic structures.”
Telegram finally exited TON in May 2020, following a protracted legal dispute with the US Securities and Exchange Commission over Telegram’s $1.7 billion initial coin offering in 2018. Since then, the open-source blockchain project has spawned a slew of new initiatives, including Free TON, NewTON, and TON.