TON will receive a $20,000 grant from KuCoin's investment arm to support the exchange's efforts in creating GameFi and payment-based applets.
KuCoin Ventures, the investment arm of Seychelles-based crypto exchange KuCoin, has Announced a partnership with The Open Network (TON) Foundation. The exchange platform's investment arm plans to provide a $20,000 grant to help strengthen and expand the TON ecosystem. This collaboration marks an important milestone in fostering relationships between exchanges and public blockchain networks.
This joint initiative aims to champion the advancement of five TON-based mini-apps, primarily focusing on revolutionizing payment systems and pioneering innovative GameFi platforms within the Web3 space.
TON Foundation Accelerator Director Ian Wittkopp emphasized the impact of KuCoin Ventures' support for app development within The Open Network. He expressed his enthusiasm by saying:
“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” .
KuCoin has funded TON and others in 2023
KuCoin Ventures aims to strategically channel these funds towards several critical initiatives within the TON ecosystem. These include Future3 Campus and TON Bootcamp, both incubation programs that foster innovation, research and development efforts to improve TON knowledge.
Alicia Kao, CEO of KuCoin, highlighted the potential of the TON blockchain to revolutionize the industry. Additionally, she reiterated the company's commitment to success. According to her:
“We are delighted to partner with the TON Foundation to support the growth and development of the TON ecosystem,” he said. “This strategic alliance aligns with our mission to promote further development of the cryptocurrency and blockchain industry through closer cooperation.”
KuCoin has participated in other funding efforts this year. In April, the exchange joined several participants in a $6 million strategic funding round for Credora, a lending platform that supports real-time credit analysis. The round had S&P Global and Coinbase Ventures as main investors. Among other things, Credora ensures that borrowers remain creditworthy by using computer techniques to analyze data in real time. This way, lenders can constantly confirm the credibility of borrowers.
A month earlier, KuCoin led a $10 million funding initiative for CNHC, an offshore issuer of Chinese yuan stablecoins.
Fostering collaborative growth in Blockchain
The partnership between KuCoin Ventures and TON Foundation echoes a broader trend within the blockchain sphere. This trend sees cryptocurrency exchanges increasingly engaging in strategic partnerships that involve substantial financial investments. In particular, these efforts aim to amplify innovation and drive the expansion of decentralized ecosystems.
For example, in an attempt to improve scalability and interoperability, nft-marketplace-now-supports-polygon-network-eac85f662fb94fe69742584b36cb75d8″ target=”_blank” rel=”nofollow noopener”>Binance Smart Chain Partnered with Polygon to integrate the platform's Layer 2 scaling solutions. This effectively facilitates a smooth and efficient user experience within the Binance ecosystem.
Furthermore, OKEx, a prominent cryptocurrency exchange,crypto-exchange/#:~:text=OKEx%20has%20integrated%20Polygon%20%28MATIC%29%20The%20integration%20opens,providing%20adequate%20support%20at%20the%20%241.30%20price%20area” target=”_blank” rel=”nofollow noopener”> joined forces with Polygon to improve the adoption and accessibility of decentralized applications (dApps) on the OKEx platform. The partnership also aims to leverage Polygon's Layer 2 scaling solutions to enable faster and more cost-effective transactions for OKEx users.
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