As Telegram’s advertising platform goes live, it continues to attract tons of Web3 organizations.
Ton Blockchain, which powers Telegram's new advertising platform, continues to receive 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 securing $8 million from the network's TonCoin token. The investment will be used in further product developments involving Ton Foundation, ByBit and the Ethereum Layer 2 Mantle Network.
Telegram's advertising platform, built on the TON blockchain, officially went live in March 2024. The platform allows Telegram channel owners around the world to earn financial rewards, just by selling ads and share the revenue to channel owners in Toncoins.
The data shared with Cointelegraph details the increasing presence of Bybit in the Ton ecosystem over the past year. Cryptocurrency It has a cashback program and staking involving Toncoin in 2023.
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It is understood that Telegram's approximately 130,000 messaging users were responsible for more than $22 million in transactions. Bybit intends to use Telegram's advertising platform to reach its largest monthly active user base.
Ton was originally developed by Telegram, but a legal battle with the United States Securities and Exchange Commission saw the messaging application abandon development efforts in May 2020.
A small group of open source developers took over the project, leading to the establishment of the Ton Foundation in May 2021. TonSpace is a self-contained wallet within Telegram that allows users to manage TonCoin tokens and native collections.
Alongside Mirana Ventures' investment, the Ton Foundation has announced that it is integrating Ton-based MNT tokens to connect Telegram users to the Mantle network. This has been set up so that users of the Mantle network can access integrated campaigns and advertising offers within Telegram.
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A statement from Mirana Ventures Managing Partner David Toh highlighted the potential for growth in the partnership between Mirna, Mantle, Baybit and Ton.
“The Open Network, the blockchain and wallet technology stack in Telegram, crypto and Web3's centralized communications infrastructure, is uniquely positioned to accelerate mass adoption.”
Ton Foundation President Steve Yun said several industry players are looking to acquire early movers by allocating capital and leveraging the Ton ecosystem and its connection to Telegram.
As previously reported, Web3's investment firm Animoka Brands became the largest underwriter of the ton through an undisclosed investment. Animoka founder Yat Siu exclusively told Cointelegraph that the investment included the purchase of an undisclosed amount of Toncoin as part of a validation agreement.
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