Mirana Ventures Injects $8M into TON Blockchain, Bolstering Telegram's Ad Platform
Summary:
TON Blockchain, the underlying technology of Telegram's advertising platform, continues to receive significant funding, with Mirana Ventures joining the list by investing $8 million in Toncoin token. The funds will be used for product development involving the TON Foundation, Bybit, and Ethereum layer 2 Mantle Network. Bybit, increasing its involvement in the TON ecosystem, aims to leverage Telegram's vast active user base through its advertising platform. The investment will also connect Telegram users to the Mantle Network, enabling access to advertising and gamified campaigns within the messaging app.
Substantial investment continues to pour in for the blockchain TON, fueling Telegram’s novel ad platform targeting its count of 800 million active users each month. Mirana Ventures recently joined the list of firms investing in the TON ecosystem, injecting $8 million into the network's indigenous Toncoin token. This capital injection is meant to fund progressive product advancements involving the subsidiaries of TON Foundation, Bybit, and Ethereum layer 2 Mantle Network.
Telegram Ad Platform, founded on the TON blockchain, commenced operations officially in March 2024, facilitating global Telegram channel proprietors in monetizing their platforms through advertising sales and revenue sharing in Toncoin. Bybit’s escalating involvement in the TON ecosystem over the last year has been substantiated by their cashback and staking program rolled out in 2023 involving Toncoin.
As per records, via these initiatives, around 130,000 users of Telegram messaging app generated more than $22 million in trading volume. Aiming to leverage the substantial user base of Telegram, Bybit is planning to use its ad platform.
Initially, Telegram developed TON, but regulatory complications with the United States Securities and Exchange Commission led it to abandon the project in May 2020, which was subsequently taken up by a group of open-source developers, culminating in the creation of the TON Foundation in May 2021. TON Space provided a platform for Telegram users to manage their Toncoin tokens and native collectibles.
With the advent of Mirana Ventures’ investment, TON Foundation publicized that TON Space is integrating TON-based MNT tokens, connecting Telegram users to the Mantle Network. This move will now grant Mantle Network users access to advertising and gamified campaigns within Telegram.
David Toh, the managing partner of Mirana Ventures, envisions immense potential in the cooperative undertaking among Mirana, Mantle, Bybit, and TON. He praised TON's unique positioning to assist speeding up mass adoption. In addition, Steve Yun, TON Foundation president, mentioned the keen interest of several industry players in securing early benefits by leveraging the TON ecosystem, infused within Telegram, with their capital allocation.
Previously, Animoca Brands, a Web3 investment company, gained the status of the biggest TON validator with an undisclosed investment. Yat Siu, the co-founder of Animoca, shared exclusively with Cointelegraph that the unnamed sum of Toncoin was procured and staked as per the validator agreement.
Published At
3/6/2024 4:59:08 PM
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