TON Labs, the development arm behind the Free TON blockchain, raised $6 million in recent funding through an investment round led by venture capital firm Runa Capital. The funding will go toward building out a new product environment for the Free TON blockchain, which the company describes as the fastest decentralized protocol due to its unique dynamic sharding mechanisms.
“TON project itself radically differs from other ventures in the blockchain space.”
The funding will go toward building out a new product environment for the Free TON blockchain, which the company describes as the fastest decentralized protocol due to its unique dynamic sharding mechanisms. Dmitry Chikhachev, a general partner at Runa Capital, noted TON Labs is the only blockchain company to receive direct funding from his firm. “As a deep tech and software investor, we appreciate the technical challenges solved by the company and see a strong potential in the high-performance decentralized computing platform FreeTON,” he added.
“The team, their sophisticated approach, and the open-source TON project itself radically differ from other ventures in the blockchain space, and Runa is thrilled to support such a unique project,” the general manager further noted.
Blockchain firms received $2.6 billion in funding in Q1 2021.
According to data from tech market intelligence platform CB Insights, over 129 blockchain and crypto companies received $2.6 billion of investments in Q1 2021. The figure is already greater than that in the previous full year, wherein blockchain firms only secured $2.3 billion in 341 deals. The crypto industry gained massive exposure starting this year as the leading cryptocurrency price, bitcoin, reached new all-time highs and attracted big names. Earlier, Dapper Labs received $305 million in funding from investors such as Michael Jordan and Kevin Durant, with the entire round being led by investment firm Coatue.