TON Accelerator Program injects $25 million into Emerging Projects on TON

In a significant move to develop the TON ecosystem, The Open Network (TON) has announced the launch of the TON Accelerator Program.

With a commitment to invest up to $25 million this year, the program aims to support projects that can make a major impact on the growing TON ecosystem.

#TONcoinFund's $250M commitment will boost key projects, focusing on #DeFi.

Offering $50-250k per project plus mentorship via partners like #Gotbit, #Web3Port, #Tonstarter, #TEB, #CypherCapital. Excited to expand with more partners, drive #Web3 innovation, and attract global… pic.twitter.com/QHYvKHtT9S
— TON 💎 (@ton_blockchain) May 22, 2023

The funding for the accelerator program is provided by the TONcoin Fund. The investments will range from $50,000 to $250,000 per project, with a particular emphasis on decentralized finance (DeFi) initiatives.

Funding will accompany partnership and mentorship among accelerator partners that include:

Gotbit, hedge-fund and Market-Making company, a provider of trading and risk management solutions,
Web3port, a developer of tools connecting Web3.0 startups and contributors to accelerate innovation,
Tonstarter, the primary fundraising platform on TON,
TEB, an incubator for Web3 developers based in South Korea,
Cypher Capital, a multi-strategy crypto investment firm based in the United Arab Emirates.

The TON Foundation is actively seeking to expand its pool of accelerator partners by creating strategic alliances with major accelerators in the web3 space.

Justin Hyun, Head of Incubation and Growth at TON Foundation, expressed enthusiasm about the TON Accelerator program, highlighting its role in attracting new talent and supporting the growth of the TON ecosystem. Hyun stated,

This is the beginning of many different incubators which will be supported in the future. Funding forms part of our local hubs rollout strategy, and our ecosystem will work to attract new developers as well as successful repeat founders, based across a variety of key global locations.

Bill Qian, Chairman of Cypher Capital, emphasized,

What the TON Accelerator program is doing is taking the incubator principle made famous within the Web2 ecosystem and refining it and evolving it using the best of Web3 protocols and ways of working. We are delighted to play our part in this next-generation program.

To participate projects should complete the application form.