Pantera Capital, a cryptocurrency venture capital firm, has reportedly made a substantial investment in the TON ecosystem, potentially exceeding $250 million. This investment is being hailed as the largest in the history of Pantera Capital, according to a recent statement from the firm.
Following this announcement, the native token of the Open Network, Toncoin (TON), experienced a significant surge in value, rising by over 13% on May 10. Pantera Capital highlighted the potential of TON to bring cryptocurrency to a wider audience, particularly due to its integration within the Telegram network.
The price of TON skyrocketed to over $6.8, approaching the $7 mark and nearing its previous all-time high of $7.25. This surge in value coincided with the news of Pantera Capital’s substantial investment in the project.
The decision to back TON comes in the wake of Telegram co-founder Pavel Durov’s unveiling of new features aimed at integrating TON within the messenger platform. Despite facing regulatory challenges in the past, Telegram’s blockchain venture has persevered, with Toncoin being integrated as a payment method within the platform’s advertising revenue-sharing system.
Overall, the investment from Pantera Capital signals a vote of confidence in the future of the TON ecosystem, as efforts continue to bring cryptocurrency to a wider audience and further integrate blockchain technology into everyday applications.