The TON blockchain, which powers Telegram’s new advertising platform, continues to attract significant investment from Web3 players looking to tap into its 800 million monthly active user base.
Mirana Ventures is the latest firm to invest in the TON ecosystem after acquiring $8 million of the network's native Toncoin token. The investment is set to be used in ongoing product developments involving the TON Foundation, Bybit and Ethereum layer 2 Mantle Network.
The Telegram Ad Platform, built on the TON blockchain, officially went live in March 2024. The platform allows Telegram channel owners worldwide to receive financial rewards, exclusively selling advertising and sharing revenue with channel owners in Toncoin.
Information shared with Cointelegraph outlines Bybit’s increasing involvement in the TON ecosystem over the past year. The cryptocurrency exchange carried out a cashback program and staking involving Toncoin in 2023.
Related: Telegram ad platform to launch via TON blockchain
It’s understood that around 130,000 users of messaging app Telegram were responsible for generating over $22 million in trading volume through the initiatives. Bybit intends to use Telegram’s advertising platform to tap into its massive monthly active user base.
TON was initially developed by Telegram, but a subsequent legal battle with the United States Securities and Exchange Commission saw the messaging application abandon its development efforts in May 2020.
A small group of open-source developers then took over the project, which led to the establishment of the TON Foundation in May 2021. TON Space is the self-custodial wallet within Telegram that allows users to manage Toncoin tokens and native collectibles.
Alongside Mirana Ventures’ investment, the TON Foundation announced that TON Space is connecting Telegram users to Mantle Network by integrating TON-based MNT tokens. This is set to allow Mantle Network users to access gamified campaigns and advertising offerings within Telegram.
Related: Animoca’s Yat Siu bullish on TON partnership as Bitcoin sets strong foundation for 2024
A statement from Mirana Ventures managing partner David Toh highlights the growth potential of the partnership between Mirana, Mantle, Bybit and TON:
“The Open Network, as the native blockchain and wallet tech stack in Telegram, the centerpiece communications infrastructure of crypto and Web3, is uniquely positioned to help accelerate mass adoption.”
TON Foundation president Steve Yun said that several industry players want to gain early mover advantage by allocating capital and tapping into the TON ecosystem and its embedded 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 told Cointelegraph that the investment involved purchasing an undisclosed amount of Toncoin, which was then staked as part of the validator agreement.
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