TON Labs raises $6M in support of Free TON blockchain

TON Labs, the event arm behind the Free TON blockchain, raised $6 million by way of an funding spherical led by enterprise capital agency Runa Capital. 

The funding will go towards constructing out a brand new product surroundings for the Free TON blockchain, which the corporate describes because the quickest decentralized protocol as a result of its distinctive dynamic sharding mechanisms.

Dmitry Chikhachev, a basic companion at Runa Capital, stated 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 stated, including:

“The crew, their subtle strategy and the open-source TON venture itself radically differ from different ventures within the blockchain area, and Runa is thrilled to assist such a singular venture.”

Along with Runa Capital, RTP International — an investor of early-stage know-how firms — additionally contributed to the funding spherical. RTP govt Stepan Ivanov stated, “We imagine TON Labs can lastly take the blockchain from the area of interest and geeky area 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 venture was initially launched in Could 2020 as an infrastructure options supplier for the Telegram Open Community. When a New York federal courtroom put an injunction on the Telegram crew, stopping additional improvement of the community, Free TON emerged as an unbiased venture 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 stated would assist wider adoption of blockchain know-how and decentralized governance. The merger is predicted to be finalized later this yr, following the complete allocation of TON Crystals (TON) to the Dune Community.