TON Fund to Support User Development and Projects

The fund aims to establish projects on TON and support the development of its user as a layer 1 blockchain through advisory services, funding and marketing.

The TON Foundation's stewards have raised $90 million for a new ecosystem fund, continuing their efforts to get the Telegram-founded blockchain project back on track.

The new TON Alpha-Vista Fund (TAV) has VistaLabs, Alphanonce, Miner's Fund and Kilo Fund among its backers. The announcement shared with CoinDesk says that the fund has these companies as supporters.

The fund's goal is to establish new projects on TON, and it will do this by providing advisory services and financial support.

Telegram originally created and deployed TON, a proof-of-stake blockchain, in 2013. Following legal action from the U.S. Securities and Exchange Commission (SEC), Telegram shut down the blockchain in August 2020.

The reincarnated project, also called Toncoin - named after the blockchain's native token - is the work of members of the original community who wanted to see it survive. It claims to be entirely separate from Telegram, though it has CEO Pavel Durov's endorsement.

The TON Foundation, which is responsible for overseeing the project, has been working hard in recent months to get people interested in and involved with it again.

In April, the foundation raised $250 million for its first ecosystem fund with the venture arms of crypto exchanges Kucoin and Huobi among the investors.

Soon after, TON was integrated into the @wallet bot on Telegram, enabling users to send and receive TON in the app.