Ton Foundation Established A $126 Million Relief Fund To Bring Projects To The Foundation

Ton Foundation has launched a support fund of $126 million to attract projects to its platform, in addition to helping the market through the difficult period from the impact of the FTX crash.

According to CoinDesk, the TON 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 have the backing of organizations including DWF Labs, Darley Technologies, Hexa Capital and TONcoin Fund Ecosystem Partners.

The goal of the fund will be to attract related projects from FTX to the TON ecosystem and develop the above solution.

“We want to attract builders organically who are convinced by TON’s fundamentals,(…). We are not necessarily buying out distressed assets…However, we are willing to support top founders and projects slightly impacted by recent events.”

Nan Wang, TON Foundation investment associate, told CoinDesk

This was the fourth market rescue fund announced in November, following previous efforts from Binance ($1 billion), OKX ($100 million) and Bybit ($100 million).

As mentioned in previous Coincu News article, Pavel Durov, the founder of Telegram, just announced Fragment sold $50 million worth of usernames in less than a month. This week, Fragments will expand beyond usernames.

Messaging app Telegram is expressing its ambitions to go deeper into the crypto space with the intention of creating a crypto wallet and setting up a DEX, despite the recent crises.

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