The Toncoin project has raised $250 million in funding. The round was led by Huobi Incubator and Kucoin Ventures, with participation from MEXC Pioneer Fund, 3Commas Capital, Orbs, TON Miners and Kilo Fund.
The funds will be used to support developers on the TON blockchain.
The developers of the project said they plan to integrate Toncoin into Telegram, making it available to 500 million users.
Telegram itself shut down the TON project in August 2020 after court proceedings with the Securities and Exchange Commission (SEC) over allegations of making unregistered sales of securities.
However, members of the TON community continued to develop the blockchain, renaming the project Toncoin.