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