Crypto asset manager Pantera Capital announced Thursday that it is investing in layer 1 altcoin TON, sparking a modest rally for the asset.
TON is the native token of a layer 1 blockchain originally developed by the encrypted messaging platform Telegram.
Telegram parted ways with the project in 2020 following a legal battle with the U.S. Securities and Exchange Commission (SEC). Open Network, an open source developer community, took over technical management that year.
However, TON can be sent by 700 million Telegram users within the platform without having to enter a wallet address.
According to cryptocurrency asset manager Ryan Barney, the connection to Telegram led to Pantera’s decision to invest in the project.
“We believe that TON has the ability to introduce cryptocurrency to the masses due to its widespread use within the Telegram network. Telegram has over 900 million monthly active users on its forward-thinking, fast, and secure messaging platform used for personal and group communication, building large communities, sharing content, and more.
By leveraging Telegram’s massive user base and seamless UX along with the vitality of TON’s emerging ecosystem, we believe TON has the potential to become one of the largest cryptocurrency networks.”
TON has risen more than 8.5% from around $4.75 in the early morning hours Friday to $5.16 at the time of this writing.
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