Major Crypto VC Firm Makes Big Bet on TON Ecosystem

A leading cryptocurrency venture capital firm, Pantera Capital, has potentially invested a significant amount in the TON ecosystem. This news caused the price of TON’s native token, Ton coin (TON), to jump over 13%.

Pantera Capital’s exact investment amount remains undisclosed, but it’s speculated to be well above $250 million. This investment decision comes from Pantera’s belief in TON’s potential to bring cryptocurrency to a wider audience due to its integration with the popular messaging app Telegram.

“TON has the capacity to introduce crypto to the masses because it is used extensively within the Telegram network,” Pantera Capital stated. “By leveraging Telegram’s vast user base and seamless UX with the vibrancy of TON’s emerging ecosystem, we believe TON has the potential to become one of the largest crypto networks.”

Following Pantera Capital’s announcement, the price of TON surged past $6.8, nearing its all-time high of $7.25.

This investment news coincides with Telegram co-founder Pavel Durov’s recent unveiling of new features at a crypto conference. These features aim to integrate TON more closely with the Telegram messaging platform, including plans for users to log in using crypto wallets.

Background on TON

It’s important to note that TON’s journey hasn’t been without challenges. In 2019, the US Securities and Exchange Commission (SEC) issued a restraining order against Telegram, preventing them from launching their planned token, Gram. The SEC alleged that Telegram’s token offering violated securities laws.

Despite this setback, TON’s development continued thanks to its community of supporters. More recently, Telegram has deepened its ties with TON by integrating Ton coin as a payment method within its advertising revenue-sharing program for channel owners.