- Projects will receive between $50,000 and $250,000 from the $250 million Toncoin Fund.
- The program will partner with a number of leading firms available for projects and provide consultancy support.
- The TON Accelerator Program will receive funding from a $250 million ecosystem fund called the TONcoin Fund.
In crypto news Today, The TON Foundation, the organization behind The Open Network (TON) blockchain, has announced a new $25 million accelerator program for emerging projects.
The program, called the TON Accelerator Program, will provide funding, mentorship, and other resources to help projects build in the TON ecosystem.
TON is a community-built blockchain network that uses technology designed by Telegram and has a native cryptocurrency toncoin (ton),
TON will offer up to $250k for each project
The TON Accelerator program, which is open to a wide variety of projects, will see selected teams receive funding between $50,000 and $250,000. According to details shared on Monday, TON focuses exclusively on projects in the DeFi space.
Funding for the program will come from the TONCoin Fund, a $250 million ecosystem fund launched to support developers and founders looking to build on TON.
#TONcoinFund$250M commitment to boost key projects focused on #defi,
Offering through partners such as $50-250k per project plus mentorship #gotbit, #web3port, #tonestarter, #TEB, #cyphercapital, Excited to expand with more partners, Drive #web3 innovation, and attract global … pic.twitter.com/QHYvKHtT9S
— Ton 💎 (@ton_blockchain) May 22, 2023
The project will also benefit from the mentorship provided by some of the top partners and investors in the TON community. These will include hedge fund and AI-powered market maker GotBit Markets; Web3-centric innovation platform Web3Port; and ToonStarter, the leading fundraising platform on TON.
Also key to the program will be South Korea-based Web3 incubator Boom Labs and UAE-based multi-strategy #crypto investment firm Cypher Capital Group.
Justin Hyun, Head of Incubation and Growth at TON Foundation, expressed his delight at the launch of the accelerator program, saying in a statement that the funding is part of a key strategy to ensure growth.
“This is just the beginning of many different incubators that will be supported in the future. The funding is part of our local hub rollout strategy and our ecosystem will work to attract new developers as well as successful repeat founders based in various key global locations. are based on,” said Hyun.
Projects that will be included in the initial selection will be those that participated in the Hack-a-TONx DoraHacks hackathon. The virtual hackathon lasted for two months and involved Dorahax, a prominent hacker organization.
According to the TON Foundation, applications for funding are open for all MVP-ready projects. Projects with a proof-of-concept or prototype and seeking initial technical support are encouraged to apply for early-stage grants.