The TON blockchain, integral to Telegram’s burgeoning advertising platform, is rapidly becoming a magnet for Web3 investors eager to leverage its vast monthly audience of 800 million active users.
Mirana Ventures has emerged as the most recent investor in the TON ecosystem, purchasing $8 million worth of the network’s Toncoin.
This funding will support continuous product innovation alongside the TON Foundation, Bybit, and Ethereum’s second-layer solution, Mantle Network.
In March 2024, the Telegram Ad Platform, powered by TON, was officially launched.
It offers global Telegram channel proprietors the chance to monetize through exclusive ad sales and revenue sharing in Toncoin.
Details shared with Cointelegraph reveal Bybit’s deepening engagement with the TON ecosystem over the past year, including a cashback initiative and staking with Toncoin.
These efforts generated over $22 million in trade volume from approximately 130,000 Telegram users. Bybit aims to leverage Telegram’s ad platform to access its massive user base.
Originally developed by Telegram, TON faced a legal hurdle with the U.S. Securities and Exchange Commission in May 2020, leading to Telegram stepping back from the project.
Subsequently, a collective of open-source developers took the reins, culminating in the formation of the TON Foundation by May 2021.
READ MORE: Nigerian Official Clarifies Misquoted $10 Billion Binance Fine Amid Tightening Crypto Regulations
TON Space, Telegram’s self-custodial wallet, enables users to manage Toncoin and collectibles within the app.
With the investment from Mirana Ventures, the TON Foundation is set to bridge Telegram users with the Mantle Network through the integration of TON-based MNT tokens, facilitating access to gamified campaigns and ad services within Telegram.
David Toh of Mirana Ventures emphasized the collaboration’s potential to foster widespread adoption of blockchain and wallet technologies in Telegram, viewing it as central to crypto and Web3 communications.
TON Foundation’s president, Steve Yun, mentioned the keen interest among industry entities to secure an early presence in the TON ecosystem, leveraging its connection to Telegram for strategic advantage.
Adding to the ecosystem’s growth, Animoca Brands has stepped in as a major TON validator through an investment and subsequent staking of Toncoin, though the exact amount remains undisclosed.
Yat Siu of Animoca shared with Cointelegraph the strategic nature of their investment, aimed at reinforcing their stake in the validator setup.
Read the latest crypto news today
