Telegram-linked Toncoin gets backing from Pantera Capital

Pantera Capital, a prominent crypto venture capitalist firm, recently invested an undisclosed sum into Open Network (TON). This investment is a significant milestone as Ton continues to pull in the growing user base of Telegram's messaging platform.

Pantera Capital's move reflects growing interest from prominent investors. New blockchain technologies and their potential to transform various industries are becoming increasingly popular.

Pantera Capital's latest venture has been discussed a ton.

The company, which manages more than $5 billion in assets, sees Ton's tie-up with Telegram as an important step in bringing cryptocurrency to the masses. The recent implementation of ad revenue sharing on Telegram highlights the network's growing services.

Using the Toncoin (TON) token, this feature highlights the platform's mass adoption potential. Beencrypto previously reported that the platform's revenue sharing system allows channel owners to earn 50% of the ad revenue generated on their channels.

Read more: What are Telegram Bot Coins?

Telegram boasts a monthly active user base of over 900 million. Indeed, the numbers provide a promising environment for ton expansion and development.

“We believe that the TON network is still in its infancy, and we are excited to see the adoption of the ecosystem and new features by the Telegram user base,” the company said.

The messaging giant has improved the platform by including new features such as Tether (USDT) stablecoin transactions, allowing users to make purchases and payments with Tether tokens. Ahead of Pantera Capital's funding, Ton announced it was joining stablecoin issuer Tether.

Tether expands supply of USDT and XAUT stablecoins to tons In addition, Ton developers have issued $5 million in Ton tokens to promote the adoption of the novel palm-scanning identity verification technology among users.

Following the announcement, the price of Ton Token has seen a significant increase. At the time of writing, the ton is trading at $5.39, representing an increase of 12.45% in the last 24 hours.