The TON blockchain, which powers Telegram’s innovative advertising platform, continues to attract significant investment from Web3 players seeking to tap into its massive user base of 800 million monthly active users.
The latest firm to invest in the TON ecosystem is Mirana Ventures, which has acquired $8 million worth of Toncoin tokens. This investment will be utilized for ongoing product developments involving the TON Foundation, Bybit, and Ethereum layer 2 Mantle Network.
The Telegram Ad Platform, built on the TON blockchain, was officially launched in March 2024. This platform enables Telegram channel owners worldwide to receive financial rewards by exclusively selling advertisements and sharing revenue with channel owners in Toncoin.
Information shared with Cointelegraph reveals Bybit’s increasing involvement in the TON ecosystem over the past year. The cryptocurrency exchange implemented a cashback program and staking involving Toncoin in 2023. Approximately 130,000 users of the messaging app Telegram were responsible for generating over $22 million in trading volume through these initiatives. Bybit intends to leverage Telegram’s advertising platform to tap into its vast monthly active user base.
Initially developed by Telegram, TON faced a legal battle with the United States Securities and Exchange Commission, which resulted in the messaging application abandoning its development efforts in May 2020. Subsequently, a small group of open-source developers took over the project, leading to the establishment of the TON Foundation in May 2021. TON Space, the self-custodial wallet within Telegram, allows users to manage Toncoin tokens and native collectibles.
In addition to Mirana Ventures’ investment, the TON Foundation announced that TON Space is connecting Telegram users to Mantle Network by integrating TON-based MNT tokens. This integration will enable Mantle Network users to access gamified campaigns and advertising offerings within Telegram.
Mirana Ventures managing partner David Toh emphasizes the growth potential of the partnership between Mirana, Mantle, Bybit, and TON. TON Foundation president Steve Yun states that several industry players are eager to gain an early mover advantage by investing capital and tapping into the TON ecosystem and its strong connection to Telegram.
As previously reported, Web3 investment firm Animoca Brands became the largest TON validator with an undisclosed investment. Animoca co-founder Yat Siu exclusively disclosed to Cointelegraph that the investment involved purchasing an undisclosed amount of Toncoin, which was then staked as part of the validator agreement.