Telegram’s Open Network (TON) blockchain is funding new projects in its ecosystem with a $25 million fund. The TON Accelerator Program, launched by the TON Foundation, will provide funding ranging from $50,000 to $250,000 per project.
In addition, selected projects will receive mentorship from TON’s experienced staff and valuable partnerships with organizations such as Cypher Capital, Gotbit, TEB, Tonstarter and Web3Port.
The program focuses on decentralized finance (DeFi) as a core objective of the TON Foundation. The local hubs rollout strategy is expected to attract new developers and successful repeat founders globally.
The TON native token, TON, has surged nearly 5.6% in the past 24-hours following the announcement to $1.92, according to CoinMarketCap.
Compiled by Coinbold