TONCASH Secures Strategic Investment to Expand Crypto Cashback Platform
Deal News | Jan 07, 2025 | PR Newswire Cision TONCASH
TONCASH, the Telegram-native crypto cashback and rewards platform, has received a strategic investment from TON Ventures, the flagship venture fund of The Open Network (TON). This investment is poised to significantly accelerate TONCASH's mission of boarding millions more users to its crypto cashback platform and establishing itself as a leader in the Web3 standards for best-price shopping and on-chain rewards. TONCASH CEO Ben Usinger emphasized that this financial boost will strengthen their collaboration with Telegram and The Open Network, enhancing their ability to engage users through innovative cashback mechanisms and expanding across key regions including Asia-Pacific, Europe, the Middle East, and Latin America. With over 200,000 users since its Telegram Mini App launch in November 2024, and deals on offer from major brands like Apple and Adidas, TONCASH is already demonstrating strong growth potential. The strategic infusion from TON Ventures aims to leverage Telegram's expansive 950 million user base to propel global adoption of crypto rewards.
Sectors
- Cryptocurrency
- E-commerce
- Web3 Technology
Geography
- Hong Kong – The announcement was made in Hong Kong, an important financial hub for the region.
- Asia-Pacific – TONCASH is looking to expand aggressively across the Asia-Pacific region.
- Europe – Europe is mentioned as one of the target expansion areas for TONCASH.
- Middle East – The Middle East is another expansion target for the company.
- Latin America – Latin America joins the list as a new region for TONCASH's aggressive growth strategy.
Industry
- Cryptocurrency – TONCASH operates within the cryptocurrency industry as a crypto cashback platform.
- E-commerce – TONCASH integrates with major brands offering cashback, playing a significant role in the e-commerce sector.
- Web3 Technology – The company is involved in Web3 technology aiming to set standards for on-chain rewards.
Financials
- Not Disclosed – The strategic investment amount from TON Ventures to TONCASH was not disclosed.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| TONCASH | Target | Company | A Telegram-native crypto cashback and rewards platform. |
| TON Ventures | Bidding Company | Company | The venture fund of The Open Network (TON) providing strategic investment to TONCASH. |
| The Open Network (TON) | Investor | Company | The organization associated with TON Ventures. |
| Telegram | Platform Partner | Company | A significant collaborator with TONCASH as the platform for its Mini App. |
| Ben Usinger | CEO and Co-Founder | Person | CEO and Co-Founder of TONCASH, commenting on the strategic investment. |