Ex-TON Foundation Leaders Launch $40M Fund to Power the Next Generation of TON Blockchain Projects – Can They Transform Telegram’s Blockchain Future?

A New Chapter for Formal TON Foundation Members with $40 Million Fund

The birth of TON Ventures marks a significant milestone in the ongoing evolution of The Open Network (TON) ecosystem, spearheaded by two prominent figures, Ian Wittkopp and Inal Kardan.

These former TON Foundation members have taken their expertise and vision to the next level, securing an impressive $40 million for their inaugural fund.

This venture capital firm is uniquely positioned to invest in startups building on the TON blockchain, a decentralised layer-1 blockchain originally developed by Telegram.

Wittkopp and Kardan, drawing from their deep-rooted experience within the TON ecosystem, have positioned TON Ventures to become a driving force behind the next wave of blockchain innovation.

Some of the impressive projects featured in their portfolio.

Who Are Ian Wittkopp and Inal Kardan?

Ian Wittkopp and Inal Kardan are not new to the blockchain and tech ecosystems.

Ian Wittkopp is the Managing Partner at TON Ventures and formerly served as Director of TON Accelerator at the TON Foundation.

Wittkopp’s socials: X, Linkedin

With a robust background in investment and operations, he led over 50 transactions at Sino Global Capital, now Ryze Labs.

His experience includes six years as an economist and budget analyst at the Bureau of Labor Statistics, where he managed a $600M+ budget and collaborated with the Federal Reserve Bank of New York.

Wittkopp also worked as a product manager at Bowtie Life Insurance, launching a digital microinsurance product.

He holds a bachelor’s degree from American University and an MBA from The Hong Kong University of Science and Technology.

Inal Kardan is a Partner at TON Ventures and was previously the Head of Gaming at the TON Foundation. He is also a co-founder and CTO of Meta0.

Kardan holds a degree from the National University of Management (SUM).

Kardan’s socials: X, Linkedin, Medium

He has played a crucial role in the development of successful web3 games such as Catizen, Gatto, and Tradoor.

These games are not merely past projects but are emblematic of the kind of groundbreaking innovation that TON Ventures aims to support.

Wittkopp and Kardan's decision to launch TON Ventures stems from their belief in the untapped potential of the TON ecosystem.

Wittkopp explained, emphasising the organic nature of their venture's inception:

“The fundraise was very informal over a period where it began to make sense to make the move and go independent, but the full amount was raised around a month ago.”

With the $40 million fund, they are now poised to back projects that can leverage the TON blockchain's unique capabilities, with a particular focus on consumer applications that resonate with Telegram’s vast user base.

The Growing Success of TON

At the heart of TON Ventures' strategy lies the undeniable power of Telegram, the messaging giant that has become a hub for crypto communities worldwide.

With a staggering 950 million monthly active users, Telegram is not just a platform for communication but a fertile ground for blockchain innovation.

The integration of TON blockchain with Telegram has opened up new avenues for developers and entrepreneurs alike, creating opportunities that are unparalleled in the web3 space.

The rise of Telegram as a central figure in the blockchain world is reminiscent of the early days of WeChat in China.

Just as WeChat evolved from a simple messaging app to a multifaceted platform offering everything from payments to mini-apps, Telegram is rapidly becoming a cornerstone of the web3 ecosystem.

Games like Notcoin and Hamster Kombat, built on the TON blockchain, have found massive success, drawing millions of users who are not just players but active participants in a decentralised community.

The CEO of Telegram, Pavel Durov, has even hailed Hamster Kombat as “fastest-growing digital service in the world” with 4-5 million new users joining daily.

The success of these games highlights the unique advantage that Telegram offers — direct access to a large, engaged, and tech-savvy audience.

Moreover, the introduction of the TON Space wallet on Telegram has further cemented the platform's role in the blockchain space.

By integrating Tether’s USDT, Telegram has enabled seamless peer-to-peer transactions, making digital payments as simple as sending a message.

This integration has not only attracted a flood of new users but has also drawn the attention of major venture capital firms like Pantera Capital, Kingsway Capital, Ryze Labs, and Animoca Brands, all of whom have invested in the TON token.

The momentum is clear: Telegram, with its massive user base and growing suite of blockchain tools, is positioned to become a major player in the decentralised finance (DeFi) and gaming sectors.

Riding the Wave of TON's Meteoric Rise

The launch of TON Ventures is perfectly timed to capitalise on the explosive growth experienced by the TON ecosystem in recent months.

A testament to this growth is the staggering 7454.47% surge in Total Value Locked (TVL) over the past year, propelling it to a remarkable $776.6 million at its peak last month.

Source: DefiLlama

Currently at $598.65 million, the figure remains impressive and TON holds significant potential for further growth.

This surge is accompanied by an impressive daily transaction volume of nearly 6 million, processed by a network of over 12.5 million active wallets.

Source: tonstat.com

Source: tonstat.com

Toncoin, the native cryptocurrency of the TON blockchain, has also enjoyed significant success, solidifying its position as the eighth-largest cryptocurrency on Coinmarketcap with a market capitalisation exceeding $16.72 billion.

This remarkable performance projects the growing confidence in the TON ecosystem and its potential to disrupt traditional financial systems.

The Vision of TON Ventures: Shaping the Future of Decentralised Innovation

The vision behind TON Ventures is both ambitious and strategic.

Wittkopp and Kardan are not merely looking to fund projects; they aim to shape the future of the TON ecosystem by fostering innovation in key areas such as decentralised finance, blockchain gaming, advertising, marketing, and regulated financial products.

Wittkopp confidently exclaimed:

“The integration of the TON blockchain and Telegram could see ‘billion-dollar’ companies built across these verticals.”

This belief underscores the potential that TON Ventures sees in the ecosystem, particularly in its ability to disrupt traditional industries and create new paradigms of digital interaction.

TON Ventures is not just about capital; it is about providing startups with the resources, expertise, and strategic support they need to succeed.

The firm’s focus is on consumer applications that can achieve mass appeal, leveraging Telegram’s social graph, mini-apps, and the various tools and infrastructure that TON offers.

Startups that partner with TON Ventures will benefit from more than just financial backing — they will gain access to Telegram Ads, media support, strategic partnerships, and exclusive opportunities to participate in growth and traffic experiments within the TON ecosystem.

How TON Ventures Can Catalyse Growth

For startups looking to break into the blockchain space, TON Ventures represents a golden opportunity.

With a clear focus on the TON ecosystem, this venture firm offers more than just funding; it provides a gateway to a rapidly growing and highly engaged user base.

The success of games like Catizen and Gatto demonstrates the potential for web3 applications on Telegram, where the combination of blockchain technology and social interaction can lead to explosive growth.

TON Ventures is committed to supporting startups at all stages of their development.

While the average check size for early-stage investments is around $500,000, the firm is also open to participating in later-stage deals, particularly those involving large protocols that are joining the TON ecosystem.

The goal is to create a diverse portfolio of projects that not only benefit from the unique advantages of the TON blockchain but also contribute to its overall growth and sustainability.

Can TON's Momentum Propel It to Sustainable Dominance?

Coinlive questions whether the TON ecosystem's rapid growth, driven by its integration with Telegram, can maintain long-term sustainability.

The sheer scale of its expansion is undeniably impressive, but is it too reliant on Telegram's existing user base? While TON Ventures' aggressive push into consumer applications is bold, the true test will be whether these ventures can evolve beyond the initial hype and deliver lasting value in an increasingly competitive blockchain landscape.

The key challenge lies in ensuring that TON's innovations don't merely ride the wave of Telegram's popularity but carve out a distinct, resilient identity in the decentralised world.