Two Animoca Brands subsidiaries partner with TON Foundation

Two brands underneath the gaming and metaverse firm Animoca Brands has partnered with the TON Foundation to incorporate identity and reputation networks into Moca Network and TON blockchain ecosystems, according to a release shared with The Block. 

The two Animoca subsidiaries are Mocaverse, a blockchain-based identity project, and MOCA Foundation, which oversees the cryptocurrency project MOCA Coin (MOCA). MOCA Foundation and TON Foundation have entered a token-swap agreement between MOCA and TON to encourage bolstered user activity between the two ecosystems. 

"TON’s vision of freedom of interaction aligns strategically with Animoca Brands’ focus on digital property rights," said TON Foundation Council President Steve Yun in a statement. "This partnership validates that TON has become the platform of choice for games and social apps. The reputation system we co-create will become a powerful opt-in platform through which users can express their identity and values on-chain."

The Open Network (TON) is a blockchain network for use within the messaging platform Telegram. Following explosive growth of numerous Telegram web3 games, the blockchain's native token Toncoin amassed a market capitalization of $18 billion, according to The Block Prices.