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Animoca Brands subsidiary partners with TON Foundation, agrees to token swap

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Animoca Brands subsidiary partners with TON Foundation, agrees to token swap

Two subsidiaries under the well-known copyright platform Animoca Brands in the gaming and metaverse sectors have announced a strategic partnership with the TON Foundation. The collaboration aims to integrate identity and reputation networks into the Moca Network and TON blockchain ecosystem to enhance user experience and functionality of these platforms.

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Strengthening Digital Identity: Mocaverse and MOCA Foundation

Subsidiaries of Animoca Brands, Mocaverse and MOCA Foundation, are leading this initiative. Mocaverse is a blockchain-based identity project focused on providing users with secure and verifiable digital identities. Meanwhile, the MOCA Foundation is responsible for managing the cryptocurrency project MOCA Coin MOCA, dedicated to innovation in the blockchain and cryptocurrency space.

Token Exchange Protocol: Enhancing Ecosystem Synergies

To further strengthen their partnership, MOCA Foundation and TON Foundation have signed a token exchange agreement. The exchange of MOCA and TON tokens aims to boost user activity and engagement within both ecosystems. By facilitating seamless token circulation, this collaboration aims to create a more cohesive and integrated user experience. The MOCA Foundation and TON Foundation have signed a strategic foundation-level token swap agreement for MOCA Coin MOCA and Toncoin, priced at $0.113, higher than the market price.

Similar token swap collaborations have been seen in the past between FTX and Bybit: Chip marriage? 1% FTT for 1% BIT, rumors of Alameda proposing token exchange to BitDAO

The total value of $20 million in MOCA Coin MOCA and Toncoin TON will be specifically used to incentivize developers and users to adopt both ecosystems, including through a joint airdrop via TON's The Open League and Moca Network's PointFi.

Shared Vision: Freedom of Interaction and Digital Property Rights

Steve Yun, Chairman of the TON Foundation Committee, stated, "The vision of freedom of interaction by TON aligns strategically with Animoca Brands’ focus on digital property rights." He emphasized that this partnership highlights TON's significant role as a gaming and social application platform. The reputation system jointly created will serve as a powerful selective platform for users to express their identities and values on the chain.

Mocaverse and the two foundations will also launch joint brand hackathons and accelerators to engage and empower the ecosystem and TON developers. The parties agree to use their best efforts to offer investment opportunities in qualified projects to their respective networks of investors.

The Open Network TON: A Blockchain Born from Telegram

The Open Network TON is a blockchain network developed specifically for the popular communication platform Telegram. The network has seen significant growth in the web3 gaming sector of Telegram, with its native token Toncoin reaching a market value of $18 billion.

However, the high degree of control over the tokens by the TON Foundation and regulatory concerns have been points of criticism for the Ton blockchain.

Can TON, which never falls, rely on them? Decrypt on the chain: The same group of TON Foundation miners dug out 85% of the supply

Moving bricks led to fraud conviction! Taiwan Ton ecosystem member on probation for five years, highlighting regulatory loopholes in virtual asset management companies