Blockchain News: TON Foundation Launches $25 Million Accelerator Program for Blockchain Projects

Blockchain News: The TON Foundation, responsible for managing The Open Network (TON) blockchain, has recently announced the launch of an accelerator program aimed at supporting emerging projects. With a dedicated fund of $25 million allocated for this year, the program seeks to provide financial assistance, partnership opportunities, and mentorship to promising ventures. The foundation is particularly interested in projects focused on decentralized finance (DeFi), among other fields. This strategic move showcases TON’s commitment to fostering innovation and attracting new talent to its ecosystem.

TON Foundation’s Accelerator Program

The newly introduced TON Accelerator program will be powered by the Toncoin Fund, an ecosystem fund worth $250 million that is dedicated to supporting entrepreneurs building on the TON blockchain. Through this initiative, the foundation aims to invest between $50,000 and $250,000 per project, offering substantial financial support to selected ventures. The accelerator will work in collaboration with a range of partners, including Gotbit, Web3port, Tonstarter, TEB, and Cypher Capital, each bringing unique expertise and resources to the table.

Gotbit, a well-established hedge fund and market-making business, as well as a provider of trading and risk management solutions, is one of the key accelerator partners. Web3port, on the other hand, specializes in developing tools that connect Web3.0 startups and contributors, facilitating collaboration within the ecosystem. Tonstarter, known as the primary fundraising platform on the TON blockchain, will provide valuable insights and assistance to entrepreneurs seeking financial backing. Additionally, TEB, an incubator for Web3 developers based in South Korea, and Cypher Capital, a multi-strategy crypto investment company headquartered in the United Arab Emirates, will join forces to support selected projects.

Justin Hyun, the head of incubation and growth at TON Foundation, expressed excitement about the program’s launch, highlighting its significance in attracting new talent. Hyun emphasized that the TON Accelerator program is just the beginning, and the foundation intends to support multiple incubators in the future. This funding initiative is a part of the foundation’s local hubs rollout strategy, aiming to attract both new developers and successful repeat founders from various key global locations.

Submission and Eligibility

The TON Foundation has announced that it is currently accepting project submissions for the accelerator program. To be considered, projects must be built on TON, supporting TVM (TON Virtual Machine) and TON smart-contract language. Additionally, projects should be MVP (Minimum Viable Product) ready and require support in marketing, business, and technology. For teams in the proof-of-concept or prototype stage that require more significant technical support, earlier-stage grants are available. The foundation encourages eligible entrepreneurs to apply and seize the opportunity to benefit from the program’s resources and guidance.

Cypher Capital’s chairman, Bill Qian, acknowledged the unique nature of the TON Accelerator program within the Web3 universe. He praised the program for leveraging the incubator principle, renowned within the Web2 ecosystem, and refining it with the best practices and protocols of Web3. Qian expressed delight in participating in this next-generation program, highlighting its potential to drive innovation and growth.

About TON and Future Prospects

TON, initially developed by the team behind Telegram, has operated as an open-source community project since 2020. The blockchain project continues to evolve, attracting attention and investment from various stakeholders. The introduction of the TON Accelerator program marks an important milestone in TON’s journey, further establishing its commitment to nurturing innovation and providing support to emerging projects in the blockchain space.

The TON Foundation’s launch of the $25 million accelerator program represents a significant step toward fostering growth and innovation within the TON ecosystem. By providing financial support, partnership opportunities, and mentorship, the foundation aims to attract talented entrepreneurs and encourage the development of projects, particularly in the field of decentralized finance (DeFi). As the TON Accelerator program begins accepting project submissions, it promises to unlock new possibilities for startups seeking to leverage the benefits of the TON blockchain. Exciting times lie ahead for the TON community and the wider blockchain industry.

You May Also Like: Crypto Tax UK Guide 2023: Everything You Need to Know About Cryptocurrency Taxation in the UK

Leave a Comment