TON Surges 14% Following Pantera Capital’s Record-Breaking Investment

Pantera Capital Makes Historic $250M Investment in TON Ecosystem

Crypto venture capital firm Pantera Capital has reportedly made its largest investment ever, backing The Open Network (TON) ecosystem with a significant $250 million check.

The native token of The Open Network, Toncoin (TON), saw a surge of over 13% on May 10 following Pantera Capital’s announcement. In a blog post, the California-based venture capital giant highlighted that this investment is the largest in its history. Although Pantera Capital did not disclose the exact amount, it is speculated to be well over $250 million, surpassing their previous purchase of Solana (SOL) from the bankrupt FTX exchange estate.

Pantera Capital’s decision to invest heavily in TON is driven by the platform’s extensive use within the Telegram network. “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,” the firm stated.

Following Pantera Capital’s announcement, the price of TON soared past $6.8, approaching the $7 mark, close to its all-time high of $7.25, according to CoinMarketCap data.

This substantial backing comes shortly after Pavel Durov, co-founder of Telegram, unveiled new features at the Token2049 crypto conference in Dubai, aimed at integrating TON within the messaging platform. Durov also announced plans for enabling users to log into their Telegram accounts using crypto wallets.

In October 2019, the SEC issued a restraining order against Telegram, preventing the launch of its planned token, Gram. The SEC claimed that Telegram’s initial coin offering (ICO) violated securities laws by offering unregistered securities to investors.

Despite this setback, Telegram’s blockchain venture persisted, initially supported by blockchain enthusiasts. Over time, Telegram’s connection to the TON ecosystem strengthened, incorporating Toncoin as a payment method in its advertising revenue-sharing system for channel owners.

With Pantera Capital’s historic investment, TON is poised to significantly expand its presence and influence within the crypto industry.

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