Cryptocurrency maker and investment firm DWF Labs has announced that it will be a “significant supporter of the TON ecosystem.” The company is also investing $10 million (roughly Rs. 80 crore) in the Layer-1 blockchain network. TON — or The Open Network — is a third-generation proof-of-stake blockchain project originally conceived by the creators of the Telegram instant messaging app. However, the TON is now developing the blockchain and leading its direction. As part of the new partnership, DWF Labs will support TON through investment, token development, creation and exchange listing.

A press release detailing the agreement said the company plans to invest in a total of 50 TON projects over the next year. The press release states that TONcoin is currently trading at $20 million (roughly Rs 1.6 crore) and confidently claims that DWF Labs will double this figure within three months. To help maintain trading volumes, the maker plans to develop a reliable over-the-counter market for traders to place larger trades.

Andrew Grachev, Partner at DWF Labs, commented on the partnership: “We are excited about the TON Foundation’s vision of delivering a decentralized internet, and are therefore delighted to partner with them to support projects and facilitate transaction growth”

Open Network is a proof-of-stake blockchain designed in 2018 by brothers who also created the Telegram instant messaging app. The project has been mired in legal battles over its initial coin offering, with the U.S. Securities and Exchange Commission (SEC) ordering Telegram to return funds to investors.

After the judgment against Telegram in 2020, the TON took over the development and quickly established the TON Community Foundation. As an open source project already in the testnet stage, most of the network code is already available.

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Partnering with DWF Labs is the latest milestone for the TON Foundation. Previously, they reached cooperation with Huobi Group and KuCoin Ventures. Additionally, the TON ecosystem has noted accelerated growth, with TON Sites and TON Proxy being the latest additions. These two features and tools are critical to unlocking the future of the decentralized internet.

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By Rebecca French

Rebecca French writes books about Technology and smartwatches. Her books have received starred reviews in Technology Shout, Publishers Weekly, Library Journal, and Booklist. She is a New York Times and a USA Today Bestseller...