Crypto VC firm Pantera Capital might have backed the TON ecosystem with a $250 million check, saying it has made the “largest investment ever.”
The Open Network‘s native token Toncoin (TON) soared by over 13% on May 10 amid Pantera Capital’s statement that its investments in the project were the largest to date. In a blog post, the California-based venture capital giant said it had made the “largest investment in its history in TON.”
Although Pantera Capital didn’t disclose its funding size, it might be well over $250 million, which the firm spent on buying Solana (SOL) at a discount from the estate of the bankrupt FTX exchange. Pantera Capital says it has decided to invest in TON as the platform “has the capacity to introduce crypto to the masses because it is used extensively 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.” Pantera Capital
Amid Pantera Capital’s claims, the price of TON blasted past $6.8, nearing in a moment the $7 mark, a level near an all-time high that TON reached at $7.25, according to data from CoinMarketCap.
The backing of TON comes shortly after Pavel Durov, co-founder of Telegram, unveiled a series of new features at the Token2049 crypto conference in Dubai, aimed at integrating TON within the messenger. Durov also disclosed plans to enable messenger users to log into their accounts using crypto wallets.
In October 2019, the SEC issued a restraining order against Telegram, preventing the company from launching its planned token dubbed Gram. The SEC alleged that the company’s initial coin offering (ICO) violated securities laws by offering unregistered securities to investors.
Despite the ban, Telegram’s blockchain venture survived, initially driven by blockchain enthusiasts who supported its principles. Later, however, Telegram’s ties to the TON ecosystem deepened, with the addition of Toncoin, the project’s native cryptocurrency, as a payment method in its advertising revenue-sharing system for channel owners.