April 19, 2024
TON's Web3 Appeal Grows with Telegram Ad Platform Launch
Altcoins News

TON’s Web3 Appeal Grows with Telegram Ad Platform Launch

Mirana Ventures, a prominent investor in Web3 technology, has injected $8 million into The Open Network (TON) ecosystem, signaling growing interest in Telegram’s newly launched advertising platform. Bybit, a leading cryptocurrency exchange, aims to leverage this platform to tap into Telegram’s vast user base, which boasts 800 million monthly active users.

The TON blockchain, powering Telegram’s advertising platform, has been a magnet for investments from Web3 players seeking to capitalize on its expansive user network. Mirana Ventures joins the ranks of firms investing in the TON ecosystem, acquiring $8 million worth of the network’s native Toncoin token. This investment will fuel ongoing product developments involving the TON Foundation, Bybit, and Ethereum layer 2 Mantle Network.

The Telegram Ad Platform which is built on the TON blockchain, officially went live in March 2024. This platform enables Telegram channel owners worldwide to monetize their channels by selling advertising space and sharing revenue in Toncoin.

Bybit’s deepening involvement in the TON ecosystem is evident from its past initiatives, including a cashback program and staking activities involving Toncoin in 2023. With around 130,000 Telegram users driving over $22 million in trading volume through these initiatives, Bybit sees the potential of leveraging Telegram’s advertising platform to reach a wider audience.

Although TON was initially developed by Telegram, legal challenges with the United States Securities and Exchange Commission led to the messaging app abandoning its development efforts in May 2020. Later on, a group of open-source developers took over the project which led to the establishment of the TON Foundation in May 2021.

TON Space, the self-custodial wallet within Telegram, enables users to manage Toncoin tokens and native collectibles, serving as the native Web3 wallet for Telegram users.

In addition to Mirana Ventures’ investment, the TON Foundation announced the integration of TON-based MNT tokens with Mantle Network, allowing 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, citing TON as the centerpiece communications infrastructure of crypto and Web3.

TON Foundation president Steve Yun noted the eagerness of industry players to gain an early mover advantage by investing in and tapping into the TON ecosystem, which boasts a strong connection to Telegram.

As Web3 investment continues to surge, firms like Animoca Brands have seized the opportunity, with Animoca becoming the largest TON validator through an undisclosed investment involving Toncoin staking.

With growing investments and partnerships, the TON ecosystem appears poised to further integrate with Telegram, fostering mass adoption and innovation in the Web3 space.

Image by 526663 from Pixabay

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