CoinFund has announced a significant investment in STON.fi, the leading decentralized exchange (DEX) within The Open Network (TON) ecosystem. The specific amount of funding and valuation data have not been disclosed.
An official statement says the new capital will fuel STON.fi’s rapid growth and expand DeFi services to Telegram users.
CoinFund and Delphi Ventures Back STON.fi
Other notable investors participated in the investment round, including Delphi Ventures, TON Ventures, 1inch Co-Founders Sergej Kunz and Anton Bukov, and LI.FI CEO Philipp Zentner.
Jake Brukhman, CEO of CoinFund, expressed his enthusiasm for the partnership:
“STON.fi has demonstrated remarkable innovation in the DeFi space. We believe this collaboration will significantly enhance the economic capabilities within the TON ecosystem and facilitate seamless integrations with Telegram”, he stated.
Integrated with Telegram Messenger, STON.fi provides a decentralized cross-chain platform, enabling to trade crypto assets across multiple blockchains. Since the beginning of 2024, its total value locked (TVL) has skyrocketed 26 times to over $120 million. The platform also leads the TON blockchain in spot volume, reaching approximately $676 million in April.
“STON.fi exists to make it simple and fair for everyone to access DeFi as easily as they use Telegram. We are building a cross-blockchain decentralized platform that provides a reliable and secure way to trade cryptocurrencies without relying on centralized institutions”, says STON.fi CEO Slavik Fokin.
STON.fi TVL. Source: DefiLlama
The Open Network is the blockchain Telegram uses to help developers create new products and unlock economic opportunities. With 900 million MAU, Telegram has one of the largest global audiences. Soon, it will gain seamless access to crypto as TOP, the company behind the Telegram-native crypto wallet, is rolling it out to every user outside the US.
Read more: 5 Best Toncoin (TON) Wallets in 2024
The recent funding round marks a significant milestone for STON.fi and its mission to drive DeFi innovation on TON. With support from CoinFund and other prominent investors, the platform will enhance its offerings and solidify its leadership in the decentralized exchange market.