The Telegram Open Network Foundation, the organization behind Telegram’s TON blockchain, will set aside $126 million as a market relief fund following the FTX crash. The fund will be supported by DWF Labs, Darley Technologies, Hexa Capital, and TONcoin Fund Ecosystem Partners, among others.
The fund’s goal will be to attract related FTX projects to the Telegram Open Network ecosystem and develop the aforementioned solution.
Nan Wang, a Foundation representative, stated:
“We want to attract projects that trust our technology.” We do not want to buy back struggling projects; instead, we want to support founders and projects that are only marginally affected.”
The US Securities and Exchange Commission (SEC) ordered the shutdown of this blockchain, which was founded by the messaging app Telegram. The platform has since been developed by the community and made significant progress in 2022. Telegram has integrated the blockchain currency Toncoin to transfer money on the app, while Telegram is still fighting. username cost in tons
This was the fourth market rescue fund announced in November, after Binance ($1 billion), OKX ($100 million), and Bybit ($100 million).
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