Cryptocurrency venture capital firm Pantera is raising money for a new fund to invest specifically in The Open Network’s Toncoin. ton
-0.85%
), doubling your previous bet on the token.
The fund, dubbed the “Pantera TON Investment Opportunity,” aims to raise capital to purchase more TON tokens, according to an email Pantera sent to potential investors earlier this week. “We invite you to participate in our upcoming round of this investment opportunity,” the email reads.
Interested parties are asked to indicate their interest in the opportunity via a form by June 21 to secure funding allocation. The form states that the minimum investment per sponsor is $250,000.
Pantera declined to comment when contacted by The Block.
Pantera is investing heavily in TON
Pantera’s new TON fund comes on the heels of the company making its largest ever investment in TON since its founding in 2003. Pantera did not disclose terms of the deal at the time, but emails seen by The Block indicate the investment was made in 2003. TON tokens will be available in March at a “significant discount compared to spot prices.” Pantera officially announced its investment last May.
With its recent TON fund effort, Pantera appears to be very optimistic about the token’s potential. “We believe the TON Network is still in its infancy, and we are excited to witness the adoption of its ecosystem and new features among the Telegram user base,” Pantera partner Ryan Barney said last month.
The TON blockchain, previously known as Telegram Open Network, was initially launched by Telegram. But the company withdrew from the project in 2019 after the U.S. Securities and Exchange Commission alleged that Telegram’s token sale called “Grams” violated federal securities laws. In 2020, Telegram and its subsidiary TON Issuer Inc. agreed to return more than $1.2 billion to investors and pay $18.5 million in civil penalties.
The open source community continued to develop the TON blockchain independently, but Telegram continued to support the network. Earlier this year, the messaging giant introduced an advertising revenue sharing system for channel owners, paying only in TON tokens and splitting revenue 50/50 between the platform and channel operators.
TON blockchain growth surges
The number of TON blockchain users and transactions is growing rapidly Recently. tethers USDT stablecoin also launched on TON network In April. USDT’s network adoption has been faster than previous blockchains, with over 400 million users. USDT in circulation Within two months, Pantera said in an email:
Telegram gaming mini apps have also experienced incredible growth, surpassing all previous cryptocurrency games, Pantera said in an email. compared by the company Notcoin and hamster combat With Axi Infinity and said Notcoin reached 35 million players and approximately 10 million daily active users within five months of launch, while Hamster Kombat reached 100 million players and 40-45 million daily active users. However, these numbers may include bots.
Overall, given the recent traction of the TON network, the TON token grew up become 10th largest cryptocurrencyAccording to , its market capitalization is over $17.5 billion. The Block’s Toncoin price page. A ton currently sells for about $7.
Pantera, a venture capital firm with nearly $5 billion in assets under management, currently It also raised a new $1 billion cryptocurrency fund, V. Invest in venture assets, early-stage tokens, and special opportunities and Liquid tokens.
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