TVM Ventures Debuts $100 Million Incubation Fund for TON
TVM Ventures, an institution that focuses on empowering creators on the TON network, has launched a $100 million fund to support the development of useful tools on top of the Telegram-linked blockchain network.
The fund, which marks the debut of TVM Ventures, will focus its action on three investment areas, according to a press release. Decentralized finance ( defi) will be one of these, as TVM Ventures recognizes the relevance of these tools as banking alternatives. Payfi, or payment finance, will also be taken into account, as the institution acknowledges the possibilities of this tech to tackle the inefficiencies of today’s payment protocols.
Lastly, it also identified security as an area of interest, vowing to collaborate with security analysts in the space.
Steve Yun, former president of the TON Foundation and founder of TVM, underscored the relevance of this kind of initiative for the future of blockchain. He stated:
Our mission is to build an advanced and comprehensive financial system capable of meeting the financial needs of 500 million on-chain users by the next cycle.
The recent partnership between Telegram and TON, which made it the exclusive blockchain project officially supported by Telegram and its mini apps, reinforces the need for expanding TON. Telegram already has over 900 million potential users and TON Community expects to have at least 500 million users onchain by 2028.
Last year, TON grew immensely, hitting several milestones. In September, the network reached 1 billion transactions since its launch, pushed by the decentralized gaming activity and the launch of USDT, the largest dollar-pegged stablecoin.
Yun stated that TVM Ventures would only work with developers building smart contracts on top of the TON Virtual machine. “Together with courageous and genius founders who share our conviction in TON’s native potential, we will shape the future of TON and TVM,” he concluded.
