KuCoin Ventures, the venture arm of the Seychelles-based crypto exchange KuCoin, has committed to providing a $20,000 grant to The Open Network (TON) blockchain platform. This financial support aims to foster the growth and expansion of the TON ecosystem, encompassing various areas such as projects related to payments and GameFi platforms, research and development, community-building, marketing activities, and incubation initiatives like the TON Bootcamp.
Ian Wittkopp, the head of the accelerator at TON Foundation, emphasized the significance of KuCoin’s grants, stating, “Today’s partnership with KuCoin Ventures is an acceleration point in the momentum of mini-app development on The Open Network… KuCoin Ventures’ efforts align with TON’s vision of a more accessible and decentralized digital future for everyone.”
Alicia Kao, the managing director of KuCoin, expressed the company’s belief in TON’s potential within the blockchain industry. Kao noted, “This strategic alliance aligns with our mission of promoting further development of the crypto and blockchain industry through tighter cooperation.”
A KuCoin spokesperson mentioned that this partnership is in its initial phase, with plans to deepen collaboration and communication in the future. The spokesperson stated, “We are making all the necessary preparations for this collaboration.”
Beyond supporting the expansion of the TON ecosystem, KuCoin Ventures aims to replicate its success in other blockchain collaborations, contributing to the broader adoption of cryptocurrency.
KuCoin Ventures has previously invested in projects such as decentralized infrastructure POKT, non-fungible token (NFT) platform OVO, and decentralized finance (DeFi) lending protocol Sturdy. This commitment to partnerships reflects KuCoin’s strategic approach to foster innovation and growth within the crypto and blockchain space.
In March, KuCoin Ventures led a $10 million investment in CNHC, a stablecoin issuer and blockchain-based payment service provider. Justin Chou, the Chief Investment Officer of KuCoin, highlighted that the investment in CNHC marked the first time the venture arm had invested in a stablecoin-related project.
Meanwhile, TON has been actively seeking partnerships with other players in the crypto industry. The recent collaboration with KuCoin follows an eight-figure investment from MEXC Ventures, a subsidiary of global cryptocurrency exchange MEXC, and the inclusion of Web3 investment firm Animoca Brands as its largest validator. These initiatives underscore TON’s commitment to enhancing its platform and expanding its presence within the blockchain ecosystem.