Investment firm TVM Ventures sets sail with a $100 million fund dedicated to backing initiatives built on the TON blockchain.
TVM Ventures, a new fund focused on DeFi (decentralized Finance) and PayFi (Payment Finance) projects within the TON ecosystem, has been launched with an initial funding of $100 million. The fund's founder, Steve Yun, remains a member of the TON Foundation despite stepping down as president.
The fund, which has already invested in four TON-based projects - Factorial, Torch Finance, Fiva, and Memes Labs - aims to take the lead position in the TON ecosystem by investing in early-stage startups valued at $5 million to $10 million, with checks of $500,000 to $1 million.
Yun believes the TON ecosystem will become a market leader in payments, and the fund's goal is to meet the financial needs of 500 million users in the next few years. To achieve this, TVM Ventures will provide $5 million in farming liquidity to help protocols establish the minimum liquidity needed for their projects.
TVM Ventures is the second TON ecosystem-focused fund to launch, following TON Ventures which was launched last August with $40 million in funding. Both funds share a common goal of supporting startups building on the TON ecosystem.
The launch of TVM Ventures occurred less than six months after the launch of TON Ventures. TVM Ventures' focus is to build an advanced and comprehensive financial system for the TON ecosystem, with a specific emphasis on DeFi and PayFi.
A crucial component for DeFi projects built on the TON ecosystem is TVM, the TON Virtual Machine. TVM Ventures' investment in these projects is expected to contribute to the growth and development of the TON ecosystem.
While the exact amount of funding raised by TVM Ventures for DeFi and PayFi projects in the TON ecosystem has not been publicly disclosed, it is known that $100 million of the fund's initial capital comes from Yun himself and an undisclosed Toncoin miner.
PayFi, supported by TVM Ventures, is described as cross-chain and flexible, but must fully support the TON network. The fund has not revealed its plans for other networks at this time.
In addition to TVM Ventures and TON Ventures, the TON Foundation is also involved in the TON ecosystem. The future of the TON ecosystem looks promising with these funds providing support to early-stage startups, contributing to the growth and development of the ecosystem.
The TVM Ventures fund, focused on DeFi and PayFi projects within the TON ecosystem, aims to invest in early-stage startups, particularly in the finance sector, with a specific interest in technology-driven projects. To achieve its goal of meeting the financial needs of 500 million users, the fund will provide funding for DeFi projects using TVM, the TON Virtual Machine, and allocate $5 million in farming liquidity to support these projects.
