Open Network (TON) receives new funding from Pantera Capital
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Pantera Capital, which manages more than $5 billion in assets, recently made an undisclosed investment in The Open Network (TON), a popular Layer 1 blockchain. Pantera's move reflects Telegram's strong belief in its potential to drive tons-wide crypto adoption, with 900 million users and over 1 trillion monthly views.
“We believe the TON network is still in its early stages and are excited to see the adoption of the ecosystem and its new features by Telegram users,” Pantera Capital told TheBlock.
Originally developed by the Telegram team and then changed after legal hurdles with the US Securities and Exchange Commission, Toon has made significant progress since then.
The network has become more of a Web 3 ecosystem, sharing revenue with channel owners and facilitating advertising payments in the ton. Also, speculations suggest that Ton, Husky Group and Oyster Labs have teamed up to launch a ‘Universal Basic Smartphone'.
In addition, the Ton blockchain has also received a lot of attention recently. Last month, Tether merged Tether USD (USDT) and Tether Gold (XAUT) on the TON blockchain. This integration increases Tether's reach to 15 blockchains and opens up new options for more than 900 million Telegram users worldwide. As a result, users can now use USDT and XAUT for peer-to-peer payments directly in decentralized applications built on the TON blockchain and infrastructure.
Telegram co-founder and CEO Pavel Durov has announced plans to virtualize the company's stickers and emojis by turning them into non-reversible tokens (NFTs) on the Ton blockchain.
Durov singled out ton size as a key factor in this decision. According to him, Ton's ability to handle millions, even hundreds of millions of transactions, makes it ideal for Telegram's target scale.
Pantera Capital's latest investment comes as the company completes KYC procedures for the Solana token purchase. The company is in talks to raise an additional $1 billion for its “Panther Fund V.” This new fund targets early-stage startups, tokens and other digital assets.
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