TON Foundation partners with Animoca Brands Mocaverse to create a $20M MOCA Coin and Toncoin Reserve
The TON Foundation and two brands owned by the web3 gaming and metaverse company Animoca Brands have joined forces to create a $20 million reserve of MOCA Coin and Toncoin.
🔈 @animocabrands' @MOCAFoundation and TON Foundation have announced a strategic partnership with $20M Token Reserve to incentivize developers within their ecosystems! https://t.co/FuQwinmBlN
— TON 💎 (@ton_blockchain) July 22, 2024
Ton said in a press release, “We declared at the end of the previous year that Animoca Brands had grown to be TON's biggest validator. Although we were aware that this was just the start of something big, we were unable to foresee the effects of this action, which are now evident throughout the TON Ecosystem.”
"After six months, we are expanding this partnership with the Mocaverse and MOCA Foundation of Animoca Brands to foster cross-ecosystem growth and establish TON as a leading platform for gaming, content, and community," the post added.
The $20 million MOCA Coin and Toncoin Reserve, which TON Foundation, Mocaverse, and MOCA Foundation agreed to establish, will be used to jointly offer incentives like The Open League, hackathons, and accelerator programs to encourage developers and users to adopt the TON ecosystem.
The funds will be used to take advantage of our combined ecosystems and provide incentives for cross-functional development that will increase user activity and development, the post added.
Go-to-market and token resources will be used by the TON Foundation and MOCA Foundation to encourage user interaction within their respective ecosystems. Through this collaboration, Animoca Brands and Mocaverse will aggressively market to their partners who are creating gaming projects the advantages of launching and integrating with the TON blockchain.
The web3 gaming and metaverse company's focus on digital property rights strategically aligns with TON's vision of freedom of interaction," stated Steve Yun, president of the TON Foundation council.
This partnership demonstrates that TON has established itself as the go-to platform for social media and games. With Animoca Brands, we are eager to take a big step toward the general use of blockchain applications."
Yat Siu, Executive Chairman and co-founder of Animoca Brands, said, "We believe that bringing Moca ID and the Realm Network SDK to Telegram's 900 million users could exponentially magnify all of our respective network effects.” "Today's announcement and the unique partnership between Telegram and the TON Foundation provide an opportunity to bring these products to market," the post added.
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