Home
News
- TON Foundation, the cryptocurrency project’s steward, abandoned by messaging application provider Telegram, has stated that it has piled up $1 Billion.
- Funds came through 176 distinct donations, with the majority coming from mammoth holders. 18 donations involved more than 10 Million TON.
- While TON is independent of Telegram, the project was endorsed back in December 2021 by Pavel Durov, founder of Telegram.
A “TON” Of Donation
Picking up where the messaging application Telegram left off, TON Foundation is making efforts towards increasing its allure to potential Web3 devs and builders.
TON Foundation stated that it has jacked up more than $1 Billion in donations from users to make its ecosystem advanced. Donations were offered in TON crypto, the indigenous cryptocurrency of the ecosystem, over the course of ten days, initiated on 7th April, as per an announcement.
A total of 527 Million TON coins were donated, which were worth more than a billion dollars as of this writing.
The funds were received through 176 distinct donations, where the majority of the sum came from behemoth holders. Amongst them, 18 donations crossed 10 Million TON crypto, and 37 were more than 4 million, as per the data offered by a spokesperson to a news agency.
TON foundation is making attempts to increase the allure of TON ecosystem to potential Web3 devs and builders.
A TON Of Help To Ecosystem
There is no strategy to provide a direct incentive to donors, who remained motivated rather than by a desire to better the TON ecosystem. The spokesperson stated that the Foundation believes that donors are well aware that the success of TON crypto is assisted by having a well-capitalized foundation to back the ecosystem.
TON Foundation was created by blockchain community members who desired to keep the project breathing after Telegram abandoned it back in August 2020, following a lawsuit from SEC.
TON ecosystem’s reincarnation recently received $250 Million in investment for its initial ecosystem fund, with venture arms of Kucoin and Huobi amongst the supporters.
While the TON coin is independent from Telegram, the project was endorsed by Pavel Durov, founder of Telegram, during the previous year.
ALSO READ: SafeMoon Stays In Controversy: Former CTO Puts His Side Forward About Fraud Allegations
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
