Yolo Investments Backs TON in Widespread $8M Investment
Yolo Investments has announced an $8 million pledge into TON start-ups, and support for crypto education portal.
LONDON, England, March 28, 2024 (Newswire.com) - Yolo Investments, the venture capital firm focused on gaming, fintech, blockchain, and emerging technologies, has joined The Open Network (TON) with an $8M USD investment both in Toncoin and across the TON ecosystem.
TON Backing and Partnership
Yolo Investments has invested in several TON start-ups, including Tonstarter, Fanton and PlayDeck (formerly known as Ton Play). The partnership will also see the TON Foundation and Yolo Investments supporting the growth of learncrypto.com, an established leading crypto education portal, which will also include new content focused on TON.
Justin Hyun, Director of Growth at TON Foundation stated:
"We are excited to have Yolo Investments join TON with all-around support for the ecosystem. Yolo Investments have demonstrated commitment to the ecosystem by investing in various projects. We believe that their thesis of crypto mass adoption via Telegram, specifically gaming, aligns with our go-to-market strategy. We look forward to working with Yolo Investments to bring crypto to the masses via platforms such as LearnCrypto.com and @wallet - the native crypto wallet inside telegram."
900 Million Monthly Users
Yolo Investments was drawn to TON because of its user-centric focus and mission to provide 500 million people with access to digital assets by 2028. While other blockchains have tended to build before finding a user base, TON has added significant value to Telegram’s already large cohort of users, which recently topped 900 million monthly active users. The success of @wallet supports Yolo Investment’s thesis that bringing crypto products to users instead of the reverse, is the best way to mainstream the technology.
Tim Heath, GP at Yolo Investments, commented on the investment, stating:
“We’ve long supported TON’s mission to build a truly decentralized, open-source future, and we’re now putting our money where our mouth is. But beyond our significant investment, we’re also committed to a deep collaboration, drawing upon our years of experience in this space, to help TON further develop the web3 SuperApp that’s already changing how people spend, save, and play.
With over 1 million sign-ups in a matter of weeks, @whale, one of our portfolio companies, which has become a superbot on telegram, has quickly grown to have over 15,000 daily active players within the TON ecosystem. This is a perfect example which exemplifies Yolo Investment’s shared vision for a vibrant Web3 ecosystem, where gaming and digital ownership converge successfully in Telegram.”
The collaboration between Yolo Investments, (with assets under management exceeding €620 million) and the TON Foundation marks a significant opportunity to begin a new era of innovation and accessibility between The Open Network and Yolo Investment’s portfolio of forward-thinking companies.
About Yolo Investments
Yolo Investments is a venture capital firm focused on seed and A-stage investment opportunities across the gaming, crypto and fintech sectors. Having successfully matured its first Fund I, vintage 2018, Yolo Investments, which is regulated by the Guernsey FSC, has recently launched its second €100m Fund II, with its continued thesis to invest in emerging, disruptive technologies, led by outstanding people with bright ideas focused on innovation and disrupting the industry norms.
For more information, please visit: https://yolo.io
About The Open Network
The Open Network (TON) is a global, decentralized blockchain community focused on putting crypto in every pocket. By building the Web3 ecosystem in Telegram Messenger, TON's vision is to empower 500 million users to own their digital identity, data, and assets by 2028. Learn more at https://ton.org.
Media Contact Details
Contact Name: Claudia Lama
Contact Email: [email protected]
Yolo Investments is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.
Source: Yolo Investments
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