The investment arm of crypto exchange KuCoin will provide a $20,000 grant to the TON network to fund ongoing initiatives in the ecosystem, a KuCoin spokesperson said by email.
"The first phase of our partnership involves a $20,000 grant, which will be allocated to five TON-based mini-apps," the spokesperson said. "Meanwhile, we are in discussion with TON for more collaborations."
The mini-apps focus on payments and gaming, according to a Friday announcement. In the statement, KuCoin Ventures said it is aiming "to blaze a trail for the future of collaboration between exchanges and public chains."
The news may be a further signal of growing momentum around Web3 developments on TON, coming only days after Animoca Brands made an undisclosed investment in the system, becoming the network's largest validator in doing so.
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.