Crypto VC Funding Surges: The Open Network Raises $30M, Drift Protocol Secures $25M
In a significant boost for the crypto ecosystem, two prominent blockchain projects have announced major funding rounds. The Open Network (TON), a layer-1 blockchain originally developed by Telegram, has successfully raised $30 million in fresh venture capital. Meanwhile, Drift Protocol, a decentralized derivatives exchange, secured $25 million in new funding. These investments highlight growing confidence in the blockchain space, even amid the industry’s ongoing regulatory challenges and market volatility.
The Open Network’s $30M Round
The Open Network’s $30 million raise is a major milestone in its continued evolution. Initially conceived by Telegram, TON was later handed over to the open-source community after legal disputes with the U.S. Securities and Exchange Commission (SEC). Today, TON is seen as a highly scalable blockchain, focusing on interoperability and seamless integration with major platforms.
The funding round, led by a mix of institutional investors and prominent blockchain venture capital firms, is aimed at accelerating the network’s development. TON plans to use the new capital to expand its ecosystem, build decentralized applications (dApps), and attract more developers to its platform.
“This funding will enable us to push forward on our mission to create a truly open and scalable blockchain that can handle mass adoption without sacrificing speed or security,” said a spokesperson from TON Foundation.
Drift Protocol’s $25M Funding for DeFi Innovation
Drift Protocol, a decentralized exchange (DEX) specializing in derivatives, has raised $25 million to fuel its expansion in the DeFi space. The funding comes as institutional interest in decentralized finance continues to rise, despite market uncertainty.
Drift Protocol differentiates itself by offering perpetual futures, a type of derivative that allows traders to speculate on crypto asset prices with leverage, without the need for an expiration date. This new round of funding will be used to enhance the protocol’s liquidity, upgrade its platform, and develop new features aimed at increasing the accessibility of derivatives trading.
“Drift Protocol is committed to bringing the most sophisticated and secure derivatives products to the DeFi world. This funding is a testament to our belief that decentralized derivatives are the future,” said Drift Protocol’s CEO.
VC Funding Remains Resilient in Crypto
Despite a market downturn and tighter regulatory scrutiny across major regions like the U.S. and Europe, venture capital firms remain bullish on crypto. Funding rounds like those of TON and Drift Protocol show that institutional investors continue to see long-term value in blockchain infrastructure and decentralized finance.
With both companies poised to grow their offerings, these recent capital infusions mark a strong endorsement of blockchain innovation and its future potential to disrupt traditional financial systems. As the industry matures, the focus is increasingly on scalable solutions, interoperability, and DeFi applications that empower users with decentralized financial tools.
For investors and developers alike, these developments underline the sustained optimism surrounding blockchain technology, even in the face of short-term market hurdles.