Mirana Ventures has made an $8 million investment in the TON blockchain, the technology behind Telegram’s advertising platform. This move comes as Web3 companies continue to show interest in accessing Telegram’s massive user base of 800 million monthly active users.
The investment will be used to support ongoing product developments involving the TON Foundation, Bybit, and the Ethereum layer 2 Mantle Network. Bybit, a cryptocurrency exchange, has been increasingly involved in the TON ecosystem over the past year, with initiatives such as a cashback program and staking involving Toncoin in 2023.
The Telegram Ad Platform, which is built on the TON blockchain, officially launched in March 2024. This platform enables Telegram channel owners worldwide to earn financial rewards by selling advertising and sharing revenue with channel owners in Toncoin.
Bybit plans to leverage Telegram’s advertising platform to tap into its large user base. In fact, around 130,000 Telegram users were responsible for generating over $22 million in trading volume through Bybit’s initiatives. This demonstrates the potential for Bybit to reach a significant audience through Telegram.
Originally developed by Telegram, the TON blockchain project faced legal challenges from the United States Securities and Exchange Commission, leading Telegram to abandon its development efforts in May 2020. However, a group of open-source developers took over the project, leading to the establishment of the TON Foundation in May 2021. TON Space, a 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 integrating TON-based MNT tokens to connect Telegram users with the Mantle Network. This integration will enable Mantle Network users to access gamified campaigns and advertising offerings within Telegram.
Mirana Ventures’ managing partner, David Toh, emphasized the growth potential of the partnership between Mirana, Mantle, Bybit, and TON. TON Foundation president Steve Yun stated that many industry players are keen to capitalize on the early mover advantage by investing in the TON ecosystem and leveraging its connection to Telegram.
Earlier, Animoca Brands, a Web3 investment firm, became the largest TON validator through an undisclosed investment. Yat Siu, co-founder of Animoca, revealed that the investment involved purchasing an undisclosed amount of Toncoin, which was then staked as part of the validator agreement.
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