KuCoin Ventures, the venture arm of Seychelles-registered crypto exchange KuCoin, will provide grants to blockchain platform The Open Network (TON), including an initial $20,000, to support the growth and expansion of the TON ecosystem.
According to a December 1 statement, the funding will support TON ecosystem projects, including five game finance or payment platforms (GameFi), research and development efforts, community building, marketing activities and incubation initiatives, such as the TON Bootcamp.
Ian Wittkopp, accelerator director at the TON Foundation, said KuCoin grants help them continue to support real-world blockchain solutions in payments and gaming within their ecosystem. He said:
“Today's partnership with KuCoin Ventures is an acceleration point in driving mini-app development on The Open Network… KuCoin Ventures' efforts align with TON's vision of a more accessible and decentralized digital future for all” .
Alicia Kao, CEO of KuCoin, attributed the move to the company's belief in the potential of TON in the blockchain industry. She added:
“This strategic alliance aligns with our mission to promote further development of the cryptocurrency and blockchain industry through closer cooperation.”
“We believe this means a new synergy between exchanges and the blockchain landscape, and we aspire for this joint effort to serve as a motivating example, stimulating more similar companies,” he added.
A KuCoin spokesperson told Cointelegraph that the partnership is in its first phase. They said:
“This partnership is just the beginning. “We plan to leverage this collaboration for deeper cooperation and communication…We are making all necessary preparations for this…collaboration.”
In addition to supporting the expansion of the TON ecosystem, KuCoin seeks to replicate its success with other blockchain collaborations “to facilitate the transition of cryptocurrency from a niche interest to mass adoption.”
According to its website, KuCoin Ventures has invested in decentralized infrastructure POKT, non-fungible token (nft) platform OVO, and decentralized finance (DeFi) lending protocol Sturdy, among others.
In March, KuCoin Ventures led a $10 million investment in stablecoin issuer and blockchain-based payment services provider CNHC. In a statement to Cointelegraph then, KuCoin chief investment officer and KuCoin Ventures leader Justin Chou said the investment in CNHC is the first time the venture arm has invested in a stablecoin-related project.
TON has also been busy recently forging partnerships with other crypto players. On October 4, the company announced that it had raised an eight-figure investment from MEXC Ventures, a subsidiary of global cryptocurrency exchange MEXC, to support the growth of the platform.
The blockchain platform also welcomed investment firm Web3 Animoca Brands as its largest validator in November. According to the announcement, the company co-founded by Yat Sui plans to offer blockchain-based games to Telegram.
