Telegram’s TON ecosystem gains $10 million support from market maker DWF Labs

Rick Steves

Digital asset-focused market maker DWF Labs has become a prominent supporter of the TON ecosystem. 

Under a new partnership with the TON Foundation, DWF Labs will support The Open Network with investment, token development, market creation, and exchange listing.

The Open Network is a third-generation proof-of-stake blockchain initially designed in 2018 by the Durov brothers, the founders of Telegram Messenger.

Later, it was handed over to the open TON Community, which has been supporting and developing it ever since. TON was designed for fast and cheap transactions in a user-friendly and scalable way.

DWF Labs expected to double TONcoin’s trading volume in three months

The investment will include $10 million to support the TON ecosystem and a total of 50 seed investments scheduled over the next 12 months, all of which are designed to accelerate the growth of TON and its projects.

DWF Labs’ intervention is expected to increase the number of TON ecosystem participants by improving the TONcoin volume across supporting platforms. The coin’s trading volume is around $20 million and is expceted to double within the first three months of the partnership.

As part of its efforts to increase the volume further, DWF Labs plans to set up an OTC market to let buyers and sellers complete large transactions.

DWF Labs is present in Singapore, Switzerland, South Korea, the BVI, and the UAE and trades almost 2,000 pairs.

Telegram’s wallet bot now enables creation of P2P crypto market

Prior to DWF Labs, TON Foundation partnered with Huobi Group and KuCoin Ventures as the organization strives to accelerate the ecosystem’s growth, which saw the addition of TON Sites and TON proxy: two features and tools that are deemed by TON Foundation as crucial to unlocking the future of a decentralized internet.

Recently, independent TON developers have released an update of @wallet bot in Telegram which enables the creation of a P2P cryptocurrency marketplace. Also, Telegram recently launched a tokenized username marketplace built on the TON blockchain.

Read this next

Metaverse Gaming NFT

DCentral Miami brings together all of Web3, NFT, DeFi, Metaverse

The world’s biggest Web3 meeting entitled DCENTRAL Miami is set to take place November 28-29, featuring a lineup of some of the biggest and most influential names in the blockchain space.

Digital Assets

Crypto ban expands across UK banks as Starling joins ‎crackdown

UK digital bank Starling has banned ‎all customer payments related to cryptocurrencies, another blow for the crypto traders ‎who recently saw a sizable number of banks deciding not to ‎finance the wobbly asset class.‎

Interviews

Markets Direct at FIA EXPO 2022: Traders know what they want from brokers

The FIA Expo 2022, one of the most prestigious events within the global derivatives trading industry, took place in Chicago on 14 & 15 November.

Interviews

FIA Expo 2022: TNS addresses public cloud limitations with hybrid infrastructure

November is the month of the FIA Expo, one of the largest futures and options conferences in the world, bringing together regulators, exchanges, software vendors, and brokers in one place: the Sheraton Grand Chicago Riverwalk. 

Retail FX

Italy’s regulator blacks out Finance CapitalFX, MFCapitalFX

Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) has shut down new websites in an ongoing clampdown against firms it accuses of illegally promoting investment products in the country.

Retail FX

Suspected leader of Honk Kong ramp-and-dump scam appears in court

A leader of a sophisticated ramp-and-dump scheme made his first court appearance in a Hong Kong court today, charged with market manipulation and various criminal offences. The case stems from an earlier joint operation of Hong Kong’s financial watchdog, the Securities and Futures Commission (SFC), and the local police. 

Institutional FX

Cboe’s James Arrante discusses growing demand for fixed income, FX algo

We caught up with James Arrante, senior director of FX & US treasuries product and business management at Cboe Global Markets, to uncover emerging trends in the FX and fixed income markets and learn more about the bourse operator’s recent initiatives.

Retail FX

Eurotrader acquires UK broker Petra Asset Management

Eurotrader Group has formally entered into the UK market with the acquisition of FCA-regulated broker, previously named Petra Asset Management Ltd. The new entity operates under the brand name Eurotrade Capital Ltd.

Inside View, Retail FX

The Game of Chess Continues – OPEC, China and the Oil Market

Over the past decade, the US has been complaining about the amount of power which the BRIC group, and specifically China, has on the global economy. BRIC stands for Brazil, Russia, India and China; these were the world’s fastest growing economies. Only in the past 10 months, the US has turned their attention toward OPEC due to the prices of fuel. Nevertheless, China seems to have a strong influence even over the price of crude oil.

<