KuCoin Ventures, the venture arm of Seychelles-registered crypto exchange KuCoin, will provide funding including an initial $20,000 to the Open Network (TON) blockchain platform to support the development and expansion of the TON ecosystem.
According to a Dec. 1 statement, the funding will support TON ecosystem projects, including five payment or game finance (GameFi) platforms, research and development efforts, community-building, marketing activities, and incubation initiatives like the TON Bootcamp.
Ian Witkopp, head of accelerator at the TON Foundation, said KuCoin’s grant helps them continue to support real-world blockchain solutions in payments and gaming within their ecosystem. He said:
“Today’s partnership with Kucoin Ventures marks an acceleration point in the pace of mini-app development on the open network… Kucoin Ventures’ efforts align with TON’s vision of a more accessible and decentralized digital future for all.”
Alicia Cao, managing director of KuCoin, attributed the move to the company’s confidence in TON’s potential in the blockchain industry. He added:
“This strategic alliance aligns with our mission to foster further growth of the crypto and blockchain industry through tight collaboration.”
He added, “We believe this symbolizes a fresh synergy between exchanges and the blockchain landscape, and we hope this joint effort will serve as an inspiring example, leading to similar ventures.” “
A KuCoin spokesperson told Cointelegraph that the partnership is in its first phase. They said:
,This partnership is just the beginning. “We plan to leverage this cooperation for deeper cooperation and communication… We are making all necessary preparations for this… cooperation.”
In addition to supporting the expansion of the TON ecosystem, KuCoin seeks to replicate its success with other blockchain collaborations “to facilitate the transition of cryptocurrencies from a niche interest to mass adoption.”
According to its website, KuCoin Ventures has invested in decentralized infrastructure POKT, non-fungible token (NFT) platform OVO and decentralized finance (DeFi) lending protocol Sturdy, among others.
In March, KuCoin Ventures Led investment of $10 million Stablecoin issuer and blockchain-based payment service provider in CNHC. In a statement to Cointelegraph, Justin Chow, KuCoin’s chief investment officer and head of KuCoin Ventures, said the investment in CNHC marks the first time the venture arm has invested in a stablecoin-related project.
TON has also been busy recently forming partnerships with other crypto players. On October 4, the firm announced that it had raised a Eight-figure investment from MEXC VenturesA subsidiary of MEXC, the global cryptocurrency exchange, to support the development of the platform.
The blockchain platform also welcomed Web3 investment firm Animoca Brands as its biggest validator in November. According to the announcement, the Yat Siu-co-founded company plans to distribute blockchain-based games on Telegram.
