TON Launches a $2.5 Million Program For Blockchain Startups

TON Accelerator has unveiled TON:Acc, an incubation program to catalyze the growth of early-stage startups developing on its blockchain. The initiative, driven by TON Venture, promises to allocate up to $2.5 million across its first cohort of five projects.

Each selected startup is poised to receive as much as $350,000 in funding over three months. During this time, the TON:Acc team will provide extensive hands-on support.

TON Accelerator Plans to Support Startups

This involvement is designed to evolve startups from concepts to fully executed business models, seamlessly integrating them into the expanding TON ecosystem. The program’s comprehensive approach offers not just financial support but strategic guidance to navigate the market effectively.

Read more: 6 Best Toncoin (TON) Wallets in 2024

In an interview with BeInCrypto, Sophia Rusconi, Head of TON Accelerator, emphasized the strategic benefits provided by TON:Acc.

“For many, TON Blockchain holds the key for developers to deploy Web3-enabled projects directly into Telegram and access the platform’s 950+ million users. TON:Acc will take this to the next level by providing promising teams with the funding, expertise, and support required to supercharge their growth and ensure they can scale seamlessly towards the millions of active users TON-based projects like Wallet and Notcoin have already achieved,” Rusconi told BeInCrypto.

In addition to financial and strategic support, TON Accelerator has also launched the TON: Acc Portal. This new platform aims to revolutionize how startups access support and visibility within the TON ecosystem. It offers various features, including a verification process that grants startups access to acceleration programs, mentorship opportunities, and a network of partners.

Ian W, Managing Partner of TON Ventures, shared his enthusiasm about the future of TON integrated with Telegram Mini Apps, especially after the tap-to-earn craze.

“The tap-to-earn craze has opened many people’s eyes to the powerful combination of TON and the Telegram Mini Apps platform. We are deeply convinced that this is simply the first phase of TON ecosystem’s growth, and we are incredibly excited to shepherd in the next evolution of TON-based mini apps that will bring real world utility into Telegram’s Web3 ecosystem,” Ian said.

The launch of TON:Acc comes at a critical time. This year, TON’s ecosystem has witnessed significant growth, with its total value locked (TVL) increasing from $14.23 million in January to $350 million in September.

Read more: What Are Telegram Mini Apps? A Guide for Crypto Beginners

Yet, the network has faced challenges, including two major outages on August 27 and 28, caused by overwhelming transaction volumes following the launch of the DOGS meme coin. These issues highlight the need for scalable solutions as the network expands.

Simultaneously, Telegram’s CEO, Pavel Durov, is tackling substantial legal challenges. Arrested in France on August 25 on charges including organized fraud and drug trafficking, Durov’s predicament led to a brief plummet in Toncoin’s value.

Though released on August 28 under strict conditions, including a $5.5 million bond, his challenges persist.