Pantera Capital, a cryptocurrency venture capital firm with over $5 billion in assets under management, has invested in The Open Network. ton
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“We believe TON has the ability to introduce cryptocurrency to the public due to its widespread use within the Telegram network,” Pantera Capital said on Thursday. TON is a layer 1 blockchain network initially designed by messaging platform Telegram and sustained by an open source community.
Pantera’s investment in TON comes as layer 1 blockchains have recently gained attention. In February, Telegram announced plans to share advertising revenue with channel owners and pay rewards using Toncoin (TON) tokens. Telegram recently implemented that plan, allowing users to purchase ads within the platform through TON.
Given that Telegram has over 900 million monthly active users and over 1 trillion channel views per month, TON could potentially bring about mass adoption of the cryptocurrency, according to Pantera Capital.
“We believe the TON Network is still in its infancy, and we are excited to witness the Telegram user base adopting its ecosystem and new features,” the company said.
Telegram also recently activated Tether (USDT) stablecoin payments through the TON blockchain. This means that Telegram users can now initiate USDT payments to each other over the TON network.
“The scalability of the TON network allows for a fixed fee of ~$0.10 for transactions between two users, which is 66% cheaper than other cryptocurrency payment platforms,” Pantera Capital said. “We also offer built-in on- and off-ramps, including bank transfers and exchanges, making it even easier to access and use.”
According to The Block’s Toncoin price page, TON recently grew to become the 10th largest cryptocurrency with a market capitalization of $16.8 billion. One ton is trading for about $4.80 at the time of publication.
Pantera Capital is in full swing.
Pantera Capital’s investment in TON comes as the venture firm is reportedly buying discounted Solana (SOL) tokens at auction after the administrator handling the bankruptcy of the former FTX cryptocurrency exchange.
Pantera is raising a new $1.25 billion fund to invest in startup equity, early-stage tokens, liquid tokens and other assets, according to documents seen by The Block. The new Fund V has a minimum investment of $1 million for qualified investors, and its first close is scheduled for April 1, 2025. Limited partners must contribute at least $25 million to the fund, according to the document.
Founded in 2003, Pantera Capital is one of the largest and most active cryptocurrency venture capital firms in the world. According to data from The Block Pro’s trading dashboard, the company has invested in more than 180 cryptocurrency startups to date.
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