Quick take:
The fundraising also attracted participation from Primitive, Paper Ventures, Karatage, Animoca Ventures, Spartan Capital, TON Ventures and Ankr.
The funds will be used to scale the project’s marketing and developer relations.
TAC plans to launch its testnet this week ahead of the mainnet launch in Q1 2025.
TAC (TON Application Chain), an EVM layer-2 network developed by TON venture builder TOP (The Open Platform) and Curve creator Michael Egorov has raised $6.5 million in a seed round co-led by Hack VC and Symbolic Capital.
The fundraising also attracted participation from Primitive, Paper Ventures, Karatage, Animoca Ventures, Spartan Capital, TON Ventures and Ankr, with Polygon’s Sandeep Nailwall joining as an angel investor.
The team behind TAC wants to simplify building Ethereum Virtual Machine-compatible apps on the TON network, whilst also tapping into Telegram’s massive user base of more than 900 million.
TAC will use the funds to scale the project’s marketing and developer relations and advance its tech efforts to connect EVM dApps across DeFi, GameFi, SocialFi and real-world assets. The extension also aims to simplify the self-custody of TON and Ethereum assets with wallet abstraction according to a statement shared with The Block.
Wallet abstraction allows users to access and move assets across different blockchains without requiring different wallets. According to the announcement, TAC is secured by TON liquid staking tokens and there are plans to introduce redstaking to the ecosystem.
Commenting on the announcement, TAC CEO Pavel Altukhov said in a statement: “Since announcing our launch earlier this year, we’ve seen incredible levels of interest from developers, builders and investors who understand the project’s potential to expand the possibilities of web3 development. We’re excited to be debuting the public testnet at DevCon 2024 and showing developers the 950 million reasons why they should build on TAC.”
TAC plans to launch its testnet this week while the mainnet is scheduled to go live in the first quarter of 2025.
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