Pantera Capital, a prominent crypto investment firm, has announced its backing of the TON ecosystem with a staggering $250 million investment, marking it as their “largest investment ever.”
The native token of the Open Network, Toncoin (TON), experienced a surge of over 13% on May 10 following Pantera Capital‘s declaration of their monumental investment. In a recent blog post, the California-based venture capital powerhouse revealed their significant bet on TON, emphasizing it as the “largest investment in its history.”
Although the exact funding size remains undisclosed, it is speculated to exceed $250 million, a sum previously utilized by the firm to acquire Solana (SOL) at a discount from the estate of the bankrupt FTX exchange. Pantera Capital‘s decision to invest in TON stems from the platform’s potential to bring cryptocurrency to a wider audience, particularly through its extensive integration within the Telegram network.
“By harnessing Telegram’s expansive user base and user-friendly interface alongside the growth of TON’s ecosystem, we envision TON emerging as one of the leading crypto networks.” – Pantera Capital
Amid Pantera Capital’s endorsement, the price of TON surged beyond $6.8, edging closer to the $7 threshold, nearing its previous all-time high of $7.25, as reported by CoinMarketCap.
The backing of TON comes in the wake of Pavel Durov, co-founder of Telegram, unveiling a range of new features at the Token2049 crypto conference in Dubai, aimed at further integrating TON within the messaging platform. Durov also revealed plans to enable messenger users to log into their accounts using crypto wallets.
In October 2019, the SEC issued a restraining order against Telegram, halting the launch of its planned token, Gram. The SEC alleged that the company’s initial coin offering (ICO) violated securities laws by offering unregistered securities to investors.
Despite the setback, Telegram’s blockchain initiative persisted, initially driven by fervent blockchain supporters. Over time, Telegram’s association with the TON ecosystem strengthened, with the integration of Toncoin as a payment method within its advertising revenue-sharing system for channel owners.
Summary Review: Pantera Capital‘s groundbreaking investment in the TON ecosystem marks a significant milestone in the cryptocurrency landscape. With a historic backing of $250 million, Pantera Capital has demonstrated its confidence in TON‘s potential to revolutionize the crypto space, particularly through its integration within the Telegram network. The surge in TON’s price following Pantera Capital’s announcement underscores the market’s positive response to this monumental investment. Moreover, Pavel Durov’s unveiling of new features aimed at enhancing TON’s integration within Telegram further solidifies its position as a promising crypto network. Despite past regulatory challenges, TON has persevered, driven by its vision and supported by a dedicated community. As it continues to evolve and expand its ecosystem, TON stands poised to become a significant player in the crypto industry, with the backing of influential investors like Pantera Capital paving the way for its success.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
