KuCoin Ventures, the enterprise arm of Seychelles-registered crypto trade KuCoin, will present grants to The Open Network (TON) blockchain platform, together with an preliminary $20,000, to help the expansion and enlargement of the TON ecosystem.
According to a Dec. 1 assertion, the funding will help TON ecosystem initiatives, together with 5 funds or sport finance (GameFi) platforms, analysis and development efforts, community-building, advertising and marketing actions, and incubation initiatives, such because the TON Bootcamp.
Ian Wittkopp, accelerator head at TON Foundation, stated the grants from KuCoin help them in persevering with to help real-world blockchain options in funds and gaming inside its ecosystem. He stated:
“Today’s partnership with KuCoin Ventures is an acceleration point in the momentum of mini-app development on the The Open Network… KuCoin Ventures’ efforts align with TON’s vision of a more accessible and decentralized digital future for everyone.”
Alicia Kao, managing director of KuCoin, attributed the transfer to the corporate’s perception in TON’s potential within the blockchain business. She added:
“This strategic alliance aligns with our mission of promoting further development of the crypto and blockchain industry through tighter cooperation.”
“We believe this signifies a fresh synergy between exchanges and the blockchain landscape, and we aspire that this joint effort will serve as a motivating example, spurring further similar ventures,” she added.
A KuCoin spokesperson instructed Cointelegraph that the partnership is in its first section. They stated:
“This partnership is just the beginning. We plan to leverage this collaboration for deeper cooperation and communication… We are making all the necessary preparations for this… collaboration.”
Besides supporting the enlargement of the TON ecosystem, KuCoin seeks to replicate its success with different blockchain collaborations “to facilitate the transition of cryptocurrency from a niche interest to mass adoption.”
Per its web site, KuCoin Ventures has invested within the decentralized infrastructure POKT, nonfungible token (NFT) platform OVO and decentralized finance (DeFi) lending protocol Sturdy, amongst others.
In March, KuCoin Ventures led a $10-million investment in stablecoin issuer and blockchain-based cost service supplier CNHC. In an announcement to Cointelegraph then, KuCoin chief funding officer and KuCoin Ventures lead Justin Chou stated that the funding in CNHC is the primary time the enterprise arm has invested in a stablecoin-related challenge.
TON has additionally been busy lately forging partnerships with different crypto gamers. On Oct. 4, the agency introduced it raised an eight-figure investment from MEXC Ventures, a subsidiary of MEXC’s international cryptocurrency trade, to help the expansion of the platform.
The blockchain platform additionally welcomed Web3 funding agency Animoca Brands as its largest validator in November. Per the announcement, the Yat Siu-co-founded firm plans to ship blockchain-based video games to Telegram.
