TON will receive a $20,000 grant from KuCoin’s investment arm to support the exchange’s efforts to build GameFi and payment-based mini apps.
KuCoin Ventures, the investment arm of Seychelles-based cryptocurrency exchange KuCoin, has announced a partnership with The Open Network (TON) Foundation. The investment arm of the exchange platform plans to issue a grant of $20,000 to help strengthen and expand the TON ecosystem. This collaboration marks an important milestone in encouraging relationships between exchanges and public blockchain networks.
This joint initiative is primarily focused on innovating payment systems and pioneering the innovative GameFi platform within the Web3 space, supporting the development of five TON-based mini-apps.
Ian Wittkopp, Head of Accelerator at TON Foundation, highlighted the impact of KuCoin Ventures’ support on the development of mini-apps within the open network. He expressed his enthusiasm as follows:
“Today’s partnership with KuCoin Ventures marks an acceleration of The Open Network’s mini-app development momentum… KuCoin Ventures’ efforts are aligned with TON’s vision for a more accessible and decentralized digital future for all.”
KuCoin funds TON, others in 2023.
KuCoin Ventures aims to strategically channel these funds to various pivotal initiatives within the TON ecosystem. These include Future3 Campus and TON Bootcamp, incubation programs that promote innovation, research and development efforts to increase TON awareness.
Alicia Kao, Managing Director of KuCoin, highlighted the potential of the TON blockchain to revolutionize the industry. She also reiterated her commitment to the company’s success. According to her:
“We are very excited to partner with the TON Foundation to support the growth and development of the TON ecosystem,” she said. “This strategic partnership is consistent with our mission to promote the development of the cryptocurrency and blockchain industry through closer collaboration.”
KuCoin has participated in other fundraising efforts this year. Last April, the exchange joined several participants in a $6 million strategic funding round for Credora, a lending platform that supports real-time credit analytics. S&P Global and Coinbase Ventures participated as major investors in this round. Among other things, Credora uses computational technology to analyze real-time data to ensure borrowers maintain their creditworthiness. In this way, lenders can continuously verify the borrower’s reliability.
A month ago, KuCoin led a $10 million funding round for CNHC, an offshore Chinese yuan stablecoin issuer.
Promoting Collaborative Growth in Blockchain
The partnership between KuCoin Ventures and TON Foundation reflects a broader trend within the blockchain space. This trend shows that cryptocurrency exchanges are increasingly engaging in strategic partnerships involving significant financial investments. Specifically, these efforts are aimed at amplifying innovation and fostering the expansion of the decentralized ecosystem.
For example, to improve scalability and interoperability, Binance Smart Chain has partnered with Polygon to integrate the platform’s layer 2 scaling solution. This effectively promotes a smooth and efficient user experience within the Binance ecosystem.
Additionally, OKEx, a prominent cryptocurrency exchange, has partnered with Polygon to increase 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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