Yahoo Finance STON.fi, Leading DEX in TON Ecosystem, Secures Funding from CoinFund
LONDON, May 14, 2024 /PRNewswire/ -- Today, STON.fi, a leading decentralized automated market maker exchange (AMM DEX) built on the TON blockchain, announces an undisclosed round led by CoinFund. The funding will be used to fuel operations for STON.fi's rapid growth, on a mission to expand financial services to Telegram users via instant exchange of Toncoin and USD stablecoins for any native token at the best rate.
STON.fi provides a decentralized cross-blockchain platform that allows users to effortlessly trade their crypto assets across multiple blockchains without the need for bridging or wrapping. Integrating seamlessly with the rapidly growing Telegram Messenger and its 900 million monthly active users, STON.fi offers a user-friendly and accessible solution that empowers individuals to manage their digital assets while maintaining full control.
"STON.fi exists to make it simple and fair for everyone to access financial services as easily as they use Telegram," said Slavik Baranov, CEO of STON.fi. "STON.fi is building a cross-blockchain decentralized platform that provides a reliable and secure way to trade cryptocurrencies without relying on centralized institutions."
The innovative and distinguishing aspect of STON.fi is the OMNISTON protocol, which allows the implementation of direct cross-chain swaps and eliminates the need for intermediaries or third parties. This approach minimizes user risk associated with security breaches and significantly enhances the transaction speed. Since the beginning of 2024, STON.fi's liquidity measured by total value locked ("TVL") has increased 26x and its MAUs 49x. Today, STON.fi is #1 in the two most important DeFi categories, TON native TVL with greater than $115M and spot volume of roughly $676M in April.
"STON.fi is the liquidity layer underpinning the consumer crypto activity on TON," said Einar Braathen, Partner at CoinFund. "The seamless integration into Telegram Messenger opens up native possibilities for simple peer-to-peer transfers of digital assets, serving users where they are, and eliminating the need for intermediaries. STON.fi is poised to capture the real momentum driven by the cultural moment that Telegram is having right now."
As Telegram has developed a global userbase, its users have demonstrated they have real need for an app ecosystem underpinned by blockchain. STON.fi is a key building block for applications and mini-apps on Telegram, this way, developers can easily integrate TON DeFi through the STON.fi SDK.
About STON.fi
STON.fi is the leading decentralized exchange (DEX) on the TON blockchain, characterized by its dominance in the number of available tokens, total value locked (TVL), trading volume and users. It is designed for seamless integration with TON wallets, enabling trading of any TON-based token. In addition, STON.fi offers advanced functionalities including farming and staking. The platform has also announced the development of innovative 'OMNISTON' protocol, which will allow cross-chain swaps, facilitating trading between different blockchains without the need for bridging or wrapping.
About CoinFund
CoinFund is one of the world's first cryptonative investment firms and a registered investment adviser founded in 2015. The firm champions the leaders of the new internet, powered by foresight as active investors to achieve extraordinary outcomes. CoinFund invests in seed, venture, and liquid opportunities within the blockchain sector with a focus on digital assets, decentralization technologies, and key enabling infrastructure. For more information, visit CoinFund.io, LinkedIn or join us on X.
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SOURCE STON.fi
