TON Labs, the event arm behind the Free TON blockchain, raised $6 million by means of an funding spherical led by enterprise capital agency Runa Ca
TON Labs, the event arm behind the Free TON blockchain, raised $6 million by means of an funding spherical led by enterprise capital agency Runa Capital.
The funding will go towards constructing out a brand new product setting for the Free TON blockchain, which the corporate describes because the quickest decentralized protocol resulting from its distinctive dynamic sharding mechanisms.
Dmitry Chikhachev, a basic companion at Runa Capital, mentioned TON Labs is the one blockchain firm to obtain direct funding from his agency.
“As a deep tech and software program investor, we respect the technical challenges solved by the corporate and see a powerful potential within the high-performance decentralised computing platform FreeTON,” he mentioned, including:
“The workforce, their refined method and the open-source TON undertaking itself radically differ from different ventures within the blockchain house, and Runa is thrilled to assist such a singular undertaking.”
Along with Runa Capital, RTP International — an investor of early-stage know-how corporations — additionally contributed to the funding spherical. RTP govt Stepan Ivanov mentioned, “We consider TON Labs can lastly take the blockchain from the area of interest and geeky house right now to a mainstream know-how that strongly enhances the present IT panorama.”
Free TON achieved mainnet standing in December 2020 after reaching “adequate decentralization,” or greater than 400 validators and decentralized autonomous organizations. The undertaking was initially launched in Might 2020 as an infrastructure options supplier for the Telegram Open Community. When a New York federal courtroom put an injunction on the Telegram workforce, stopping additional growth of the community, Free TON emerged as an impartial undertaking that finalized the preliminary Telegram code and constructed the TON Working System.
As Cointelegraph beforehand reported, Free TON merged with Dune Community in February — a transfer that each camps mentioned would assist wider adoption of blockchain know-how and decentralized governance. The merger is predicted to be finalized later this 12 months, following the total allocation of TON Crystals (TON) to the Dune Community.