TechFlow news, according to CoinDesk, TONcoin Fund has announced a $250 million ecosystem fund to support projects built on The Open Network (TON). Investors in the fund include Huobi Incubator, Kucoin Ventures, MEXC Pioneer Fund, 3Commas Capital, blockchain startup Orbs, TON Miners, and Kilo Fund. The fund aims to deploy capital through incubation, investments, grants, hackathons, and educational initiatives. Benjamin Rameau, managing partner at TONcoin Fund, said they are currently incubating a DEX and an NFT project.
TON was launched by Telegram in 2018, but later faced allegations from the U.S. Securities and Exchange Commission (SEC) over its ICO involving unregistered securities offerings. Telegram ultimately settled with the SEC in June 2020 by paying $18.5 million and ceased involvement in TON's operations.
