Toncoin

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Crypto VC firm Pantera Capital might have backed the TON ecosystem with a $250 million check, saying it has made the “largest investment ever.”
<a href="https://crypto.news/tag/the-open-network/" target="_blank" rel="noopener noreferrer nofollow">The Open Network</a>‘s native token Toncoin (<a href="http://crypto.news/price/toncoin/" target="_blank" rel="noopener noreferrer nofollow">TON</a>) soared by over 13% on May 10 amid Pantera Capital’s statement that its investments in the project were the largest to date. In a <a href="https://panteracapital.com/blockchain-letter/ton-our-largest-investment-ever/" target="_blank" rel="noopener noreferrer nofollow">blog post</a>, the California-based venture capital giant said it had made the “largest investment in its history in TON.”
Although <a href="https://crypto.news/tag/pantera-capital/" target="_blank" rel="noopener noreferrer nofollow">Pantera Capital</a> didn’t disclose its funding size, it might be well over $250 million, which the firm <a href="https://crypto.news/pantera-capital-eyes-ftxs-solana-assets-at-40-markdown/" target="_blank" rel="noopener noreferrer nofollow">spent</a> on buying Solana (SOL) at a discount from the estate of the bankrupt FTX exchange. Pantera Capital says it has decided to invest in TON as the platform “has the capacity to introduce crypto to the masses because it is used extensively within the Telegram network.”
<blockquote class="wp-block-quote">
 “By leveraging Telegram’s vast user base and seamless UX with the vibrancy of TON’s emerging ecosystem, we believe TON has the potential to become one of the largest crypto networks.” Pantera Capital
</blockquote>
Amid Pantera Capital’s claims, the price of TON blasted past $6.8, nearing in a moment the $7 mark, a level near an all-time high that TON reached at $7.25, according to data from CoinMarketCap.
You might also like: <a href="https://crypto.news/ton-blockchain-x-policies-to-drive-telegram-adoption/" rel="noopener noreferrer nofollow"> Ton blockchain: X policies to drive Telegram adoption </a>
The backing of TON comes shortly after Pavel Durov, co-founder of Telegram, <a href="https://crypto.news/pavel-durov-reveals-new-telegram-blockchain-features/" target="_blank" rel="noopener noreferrer nofollow">unveiled</a> a series of new features at the Token2049 crypto conference in Dubai, aimed at integrating TON within the messenger. Durov also disclosed plans to enable messenger users to log into their accounts using crypto wallets.
In October 2019, the SEC&nbsp;<a href="https://crypto.news/evolution-of-crypto-regulation-tracing-the-impact-of-sec-chairmen/" target="_blank" rel="noopener noreferrer nofollow">issued</a>&nbsp;a restraining order against Telegram, preventing the company from launching its planned token dubbed Gram. The SEC alleged that the company’s initial coin offering (ICO) violated securities laws by offering unregistered securities to investors.
Despite the ban, Telegram’s blockchain venture survived, initially driven by blockchain enthusiasts who supported its principles. Later, however, Telegram’s ties to the TON ecosystem&nbsp;<a href="https://crypto.news/telegram-rolls-out-ton-based-revenue-sharing-system/" target="_blank" rel="noopener noreferrer nofollow">deepened</a>, with the addition of Toncoin, the project’s native cryptocurrency, as a payment method in its advertising revenue-sharing system for channel owners.
Read more: <a href="https://crypto.news/telegram-founder-praises-privacy-in-crypto-worries-about-future-of-secure-hardware/" rel="noopener noreferrer nofollow"> Telegram founder praises privacy in crypto, worries about future of secure hardware </a>

TON gains 14% amid Pantera Capital’s ‘largest investment ever’ claim

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