July 17, 2024

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Web3 investment companyAnimoca Brands announcedit has become the largest validator of The Open Network TON/USD blockchain as part of its plan to onboard the next million Web3 users, a company press release stated. At the time of writing, TON's price is trading 2% higher taking its past month's gains to around 18%.

What Happened: The Hong Kong-based game software company and venture capital company's undisclosed amount of investment was partially directed into Toncoin, which is staked as part of the validator agreement.

The companies have joined to smoothly onboard existing Web2 users into newand intuitive Web3 mini-apps with strong use case value.

Animoca is currently assisting with the growth of third-party gaming and GameFi projects within TONs ecosystem. It will provide funding, research, and an analytics platform for third-party TON ecosystem mini-apps.

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Animoca will also support TON Play, a gaming infrastructure project based on the TON blockchain which provides infrastructure and solutions for gaming projects built on TON to launch directly onto Telegram and for developers to transferany existing web game directly inside Telegram through a web app.

Why It Matters:Animoca Brands'investment was mainly to facilitate a smooth transition from Web2 to Web3 as the TON project soughtto bring Web3 into the mainstream.

We have already seen significant growth potential in games with TON, and were looking forward to working with the other innovative teams building exciting TON-based games, said Yat Siu, co-founder and executive chairman of Animoca Brands.

Post extensive research by Animoca Brands, the user-friendliness of TON-based dApps and TON Blockchains scalability were highlighted as two elements driving the communitys growth and its target to introduce crypto to every user.

Justin Hyun, director of growth at TON Foundation said, Animoca Brands' investment in The Open Network is a pivotal step towards the next era of blockchain-based gaming. Together, we will infuse Web3 seamlessly into the daily experiences of Telegram users (800 million), particularly in gaming, for a global audience to enjoy.

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