Ton Foundation and partners to give $126 million to help crypto projects
Blockchain developers intend to encourage companies affected by the collapse of FTX to switch to the TON platform
The TON Foundation, along with a group of partners, has set up a $126 million cryptoproject assistance fund to support developers of TON blockchain-based products. The fund also aims to help companies experiencing liquidity problems after the collapse of FTX and encourage them to migrate to the TON blockchain, according to a statement from the project team at CoinMarketCap.com.
The Telegram Open Network (TON) blockchain was launched by brothers Nikolai and Pavel Durov in 2018, but in October 2019, the U.S. Securities and Exchange Commission (SEC) demanded that the distribution of TON tokens to investors be suspended.
However, in May of that year, a group of companies and crypto-enthusiasts consisting of stacking providers, exchange representatives and independent developers decided to restart the blockchain. The TON Foundation was formed, which has been running the TON network ever since.
The TON Foundation is supported by DWF Labs, Darley Technologies, Hexa Capital and the TONcoin Fund. In addition, the network's project launch platform, Tonstarter, is ready to help launch token projects that were previously launched on other blockchains, it said. The platform will provide substantial IDO support for all projects that had planned to sell tokens but had to postpone it due to market conditions.