TONCASH, the crypto cashback platform built on Telegram, has secured a strategic investment from TON Ventures, the venture fund of The Open Network (TON).
This investment will help TONCASH expand its user base and position itself as the leading platform for Web3-based best-price shopping and on-chain rewards.
CEO and Co-Founder Ben Usinger highlighted that this investment enhances their partnership with Telegram and TON. It enables TONCASH to provide an outstanding shopping and rewards experience for the Web3 audience. He also noted that with the strategic support of TON Ventures, the company is well-positioned to accelerate the adoption of on-chain payments, engage millions through innovative cashback features, and transform how brands connect with customers in the Web3 space.
Additionally, users can enjoy exclusive offers from over 200 top brands like Apple, Adidas, Binance, and Trip.com, with cashback reaching up to 80%. Cashback can be redeemed in Bitcoin, USDT, or TON tokens. The platform also features additional benefits such as airdrops and engagement rewards. Designed as a mini-app, it offers a smooth experience across all devices on Telegram.
Meanwhile, TON is emerging as a strong contender to Ethereum. Its daily transaction volume skyrocketed from 100,000 to 1.2 million, while total value locked (TVL) in its DeFi offerings surged 18-fold to reach $350 million. The recent launch of the DOGS token, inspired by Telegram co-founder Pavel Durov’s dog sketch, drew 53 million users, setting a new benchmark in the memecoin sector and further strengthening TON’s presence in the blockchain landscape.
Notably, Oak Grove Ventures has invested $5 million in DuckChain, a blockchain project integrated with Telegram, aiming to promote Web3 adoption by allowing developers to create dApps for Telegram’s 30 million users. The funding round featured contributions from dao5, Tandem by Offchain Labs, and angel investors from Camelot and Quantstamp, following Oak Grove’s earlier support for ZEROBASE, a ZK-proof network provider.
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