Pantera has invested a ton in Telegram’s future prospects
Pantera Capital has invested an undisclosed amount in Open Network (TON). The crypto-focused venture capital firm's “recent” investment in Ton and its relationship with messaging service Telegram is the result of the deal, the company said.
Telegram's decision to include Ton in April gives Ton “the opportunity to become one of the largest crypto networks,” Pantera said in a long and interesting blog post on its website. Telegram, with its 900 million monthly users and 36.7 million monthly downloads, “is well positioned to bring crypto to the world thanks to its shared Web 3 ethos.
Among the laundry list of Toon's virtues, Pantera says that Toon's blockchain architecture offers performance and scalability comparable to mainstream blockchains, and that the wallet is highly serviceable with a simple interface.
Pantera touts tons of apps on Telegram:
“Earlier this year, we saw how memecoin trading tools like Bonkbot generated tens of millions of dollars in revenue through Telegram's user interface. Ton-based applications like StormTrade now allow users to trade cryptocurrencies, cryptocurrencies, stocks and shares using the same interface.
Telegram is also offering new opportunities for monetization, such as ad revenue sharing and sellable usernames, virtual phone numbers, and emojis.
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Pantera says the Telegram-Thon tie-up has been a huge success. Ton was originally intended to merge with Telegram, but its first attempt was thwarted by the United States Securities and Exchange Commission. Telegram was able to reconnect Ton after the network was reopened by independent developers, making it the only major messaging platform to incorporate Web3.
Messenger was unable to overcome regulatory hurdles to include the Libra coin and abandoned the effort. WeChat's use of digital yuan has “limited scope,” Pantera said.
Pantera has $5.2 billion under management across four funds. In April, it announced the creation of a new $1 billion fund.
Cointelegraph reached out to Pantera for more information, but did not receive a response by the time of publication.
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