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In its advanced announcement, the Cayman Island headquartered crypto exchange Gate.io has announced plans to invest $10 million to boost the growth of The Open Network (TON) ecosystem. Profiled as a cost-effective blockchain network the multimillion-investment will support projects building on TON blockchain.
Toncoin Drops After Gate.io Announces $10M Investment
News concerning the announcement dragged its native token, Toncoin, to the red zone. At press time 0934 (UTC), Toncoin failed to overcome the $5.00 resistance level, which was accompanied by a 6% increase in daily trading volume.
Despite the recent Toncoin sluggish momentum, Gate.io remains optimistic that the investment will improve the attractiveness of the blockchain network. With the investment, the blockchain network will expand its product offering.
The multimillion-dollar investment marks a significant milestone in integrating Gate Wallet into the giant messaging application.
The proposed development will position Telegram as a crypto gateway offering over 900 million active users to cutting-edge solutions.
How TON Network Support Innovation?
Besides the fresh capital, Gate.io has supported the integration of crypto projects to Telegram and supported the development of its mini apps.
In its recent engagement, the crypto exchange supported the TON’s Society Hackers League hackathon program. The must-attend event attracted thousands of hackers across the globe and the best team will be awarded $2 million.
The hackathon recognized the successful projects on the TON network and offered the participant a platform to grow their network. The success of the hackathon project powerfully catalyzed TON’s popularity.
For years, TON boasted of having a sustainable customer base backed by Telegram support and a resilient business model that supports emerging technologies. This incredible success has encouraged the blockchain network to support learning opportunities.
Suitability of TON Network
In an earlier post, the blockchain network revealed plans to launch a boot camp that will be attended by individuals from 19 countries. The boot camp seeks to drive innovation in the financial sector and encourage knowledge sharing.
An announcement conveyed by Gate.io chief executive Lin Han confirmed that TON has a thriving ecosystem supported by millions of Telegram users. The CEO recognized that TON offers a fast, cheap, and reliable network.
The suitability of this network has encouraged crypto and Web3 startups to build on this network to attract a larger audience. The executive noted that despite Telegram and The Open Network majoring in different roles the two play a critical role in driving innovation in the digital space.
With the new investment, The Open Network will unify the developers working on its network to provide ground-breaking solutions to Web3 users. For more details on how the TON will support projects built on its ecosystem follow the TurkishNY Radio on Tumblr, Telegram, and LinkedIn.
