The Open Network (TON) blockchain, a layer-1 network powered by Toncoin (TON), has attracted investment from venture capital company Pantera Capital.
The open-source community now manages TON, which was first introduced by the massive chat service Telegram.
Pantera Capital stated in a release on Thursday that its investment seeks to support TON's future growth in the context of the initiative to increase the number of individuals using Telegram to learn about cryptocurrencies.
Telegram integration increases the possibilities of TON
Because of how widely used cryptocurrency is within the Telegram network, the VC platform is confident in TON's future and ability to promote cryptocurrency adoption.
Pantera stated in the blog post that "we believe TON has the potential to become one of the largest crypto networks by leveraging Telegram's vast user base and seamless UX with the vibrancy of TON's emerging ecosystem."
Pantera claims that Telegram, the only significant messaging service with over 900 million monthly active users, is well-positioned to integrate Web3. However, the exact value of the investment was not disclosed.
As an example, the business notes that in January of this year, Telegram had over 36.7 million monthly downloads, which is ten times more than that of its competitor Signal.
Because of its widespread distribution and common Web3 ethos, the business stated that it believes Telegram is well-positioned to introduce cryptocurrency to the world.
The architecture of TON, which consists of TON Blockchain, TON Storage, TON DNS, and TON Services, strengthens this outlook. The foundation of this ecosystem is the TON Blockchain, which offers a network with a high transaction throughput, scalability, and usefulness for millions of users.
Rises in Toncoin (TON)
Pantera is investing in TON at a moment when the cryptocurrency platform is attracting a lot of attention from players in the market.
Some of TON's most significant advancements have been fueled by Telegram, especially since it has endorsed the project. the choice to include the Toncoin (TON) token in a program that allows channel owners to share revenue. Through the TON blockchain, Telegram is also providing its users with tokenized stickers and emoticons.
For Telegram users, Tether's integration and introduction of native USDT on TON is a significant development in the meantime.
Following the announcement from Pantera Capital, the price of TON surged, rising more than 12% to reach highs of $5.39 early on Friday.
May2024, Cryptoniteuae