TON Ecosystem Gets Its Own Venture Fund to Invest $40M in Consumer Apps

Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.

TON led gains in the crypto market on Monday as HashKey announced a partnership with popular GameFi project Catizen.

One of the highlights of the Monday session was TON, the digital asset associated with Telegram. The token was up 5.6% as HashKey will offer regulatory guidance, technical support for Catizen's blockchain infrastructure operations, and collaborate on initiatives within the Ton ecosystem to enhance Catizen's gaming experiences, focus on the TON ecosystem to offer unique Web3 gaming experiences, fostering the prosperity and development of the TON ecosystem," Ben El-Baz, Managing Director of HashKey Global said in an e-mail.

Tim Wong, Chairman of the Catizen Foundation, also added in an emailed statement that Catizen seeks to transcend the short lifecycles of typical games by leveraging Web3's untapped potential, aiming to create a lasting impact through a strong community and the fusion of experienced game developers with skilled Web3 designers.

"In many projects with incomplete product models, crypto accelerates their decline. However, in a project with a comprehensive business model, crypto can be the core support that sustains upward development," Wong wrote."This is because the user base and the Catizen ecosystem are continually reinforced by robust token incentives."

HashKey, a digital asset management firm and venture capital fund, has extensive experience in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.

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